Looking to buy a short sale?

	When a seller 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. If you have any questions about real estate in Landrum, South Carolina, contact me here or e-mail me.

Are short sales good deals?

• Always do your homework before making any offers. Using an experienced real estate agent from Mickey Hambright to support your research of a property can help you make knowledgeable decisions. We can help find out to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Locating this data can help you make a decision about how much to offer.

• Hire a REALTOR^® with short sale knowledge. The real estate agents at Mickey Hambright can help expedite the transaction and make sure you're protected. Don't allow inexperience to hold up the closing process. Put our 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 usually take longer than a typical real estate transaction. Know that most short sales will not close in the customary 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 discounted price. In most cases your offer will go before a committee to approve or disapprove which will add time - sometimes even 2 to 3 months.
• Home protection warranties, buyer credits and allowances, and closing cost concessions are normally not up for negotiation when dealing with a short sale. The lender is selling the property as seen 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 we write an offer, we are looking out for your interests above all else and will always advise you to make your offer contingent upon the inspection results.