Want to purchase a short sale?

When a lender and a seller agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale. Should you have 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 bargains?

From time to time, yes. Many people hear the words "short sale" and instinctively think of a seller that is in financial trouble and needing to sell their house promptly to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most of another's misfortune. More commonly, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In these instances the discounted price may in fact be closer to true market values, not below.

How do I buy a short sale?

  • Prior to making any purchase offers, do your homework. Using a knowledgeable real estate professional from Mickey Hambright to help you research a property will help you make informed decisions. We can help find out to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Locating this information can help you determine how much to offer.
  • Use an agent with short sale knowledge. Mickey Hambright can assist you in expediting the transaction and ensure that you're protected. Don't permit inexperience to impede the closing process. Put my experience and knowledge to work in your favor.

  • Even with an experienced real estate agent and under the best circumstances, buying a short sale property will generally take longer than a typical real estate transaction. Be aware that most short sales will not close in less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. A lot of the time your offer will be presented to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are normally not negotiable when dealing with a short sale. The lender will sell the property as seen which means the lender will not be paying for repairs. Be sure to 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 will always recommend that you make your offer contingent upon the inspection results.
If you are ready to buy, whether it's a short sale or a typical home sale, Mickey Hambright can help. Apply my experience and knowledge of real estate to be confident you're getting a fair deal and will be protected during the whole matter.