Looking to buy a short sale?

A short sale happens when the seller's lender consents to get a reduced amount to release a mortgage. Should you have any questions regarding 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 they good deals?

The short answer is "sometimes". Often times people hear the phrase "short sale" and instinctively think of a seller that is insolvent and needs to sell their house quickly to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to do well from another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have depreciated. In cases such as these the "bargain" price may in fact be in line with actual market values, not below.

How do I buy a short sale?

  • Before you make any purchase offers, do your homework. Using a qualified REALTOR® from Mickey Hambright to help you research a property can help you make knowledgeable decisions. We can help learn to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining these facts can help you determine how much to offer.
  • Get an agent with short sale experience. Mickey Hambright can help expedite the transaction and make certain you're protected. Don't let inexperience hinder the closing process. Let my experience and knowledge work in your favor.

  • Even in the best of situations and with an experienced real estate agent, buying a short sale property will usually take longer than a typical real estate transaction. Be aware that a majority of short sales will not close in 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the sale terms. A lot of the time your offer will be sent to a committee to approve, which will add time - sometimes even 2 to 3 months.
  • Home protection plans, buyer credits and allowances, and closing cost concessions are usually non-negotiable when dealing with a short sale. The lender will sell the property just the way it is which means the lender will not be paying for repairs. Always 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 above all else and will always advise you to make your offer contingent upon the results of the inspections.
When you are ready to buy, whether it is a short sale or a typical home sale, Mickey Hambright can help you. Apply my experience and knowledge of real estate to feel confident that you're getting a fair deal and remain protected during the entire deal.