Ready to make a deal on a short sale?

If a homeowner is upside down on their mortgage payments, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender agrees to release the mortgage for an amount less than what's owed. Should you have any questions about real estate in Landrum, South Carolina, contact me here or e-mail me.

Purchasing a short sale in Landrum, South Carolina on your own is risky. Contact Mickey Hambright for expert advice.

Are short sales good deals?

The short answer is "sometimes". Most people hear the term "short sale" and routinely think of a seller that is in default and needing to sell their property fast to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage of another's misfortune. On the other hand, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In these cases the reduced price may in fact be consistent with actual market values instead of below.

What's involved in buying a short sale?

  • Always do your research before making any offers. Using an experienced real estate agent from Mickey Hambright to assist you with researching a property will help you make knowledgeable decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this info can help you determine how much to offer.
  • Get a real estate agent with short sale expertise. Mickey Hambright can assist you in expediting the transaction and make certain you're protected. Don't let inexperience delay the closing process. Put my knowledge and experience to work for you.

  • Even in the best of situations and with an experienced real estate agent, buying a short sale property will generally take longer than a typical real estate transaction. Be informed that many short sales will not close in the customary 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. A lot of the time your offer will go before a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home protection warranties, buyer credits and allowances, and closing cost concessions are usually not negotiable when working with a short sale. The lender is selling the property just the way it is which means the lender isn't going to pay for repairs. Make sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Mickey Hambright, when I write an offer, I'm looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the inspection results.
When it is time to buy, whether it be a short sale or a typical home sale, Mickey Hambright is here to help. Utilize my experience and knowledge of real estate to be certain you're getting a fair deal and protect yourself during the complete matter.