803-524-2530

Ready to purchase a short sale?

If a seller owes more on their home than its value, they can sometimes get the lender to agree to a short sale, whereby the lender consents to release the mortgage for an amount less than what's owed. For more information, you can contact me through my site or e-mail me. I'm glad to answer questions you have regarding real estate short sales.

Purchasing a short sale in Rock Hill, South Carolina on your own is risky. Contact Petrovich Realty for expert advice.

Can I get a good deal on a short sale?

Every now and then a good deal will come along. Often times people hear the phrase "short sale" and automatically think of a seller that is in default and must sell their home promptly to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on another's misfortune. In contrast, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these cases the "bargain" price may in fact be consistent with actual market values rather than below.

What's involved in buying a short sale?

  • Always do your homework before making any offers. Using a knowledgeable REALTOR® from Petrovich Realty to support your research of a property can help you make educated 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 these facts can help you decide how much to offer.
  • Get a real estate agent with short sale knowledge. Petrovich Realty can assist you in expediting 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 with an experienced real estate agent and under the best of situations, buying a short sale property will usually take longer than a typical real estate transaction. Know that a majority of short sales will not close in the customary 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. In most cases your offer will be seen by a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
  • Home protection plans, buyer credits and allowances, and closing cost concessions are generally not negotiable when dealing with a short sale. The lender will be selling the property "as is" which means the lender won't be paying for repairs. Be sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Petrovich Realty, when I write an offer, I am looking out for your interests first and will always advise you to make your offer contingent upon the outcome of the inspections.
If you're ready to buy, whether it's a short sale or a typical home sale, Petrovich Realty can help. Use my experience and knowledge of real estate to make sure you are getting a fair deal and protect yourself during the whole deal.

Looking to Buy?

Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

Your Information
Some Details