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Looking to make a deal on 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 any questions about real estate in Rock Hill, South Carolina, contact me here or e-mail me.

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

Are short sales good deals?

Sometimes. Most people hear the words "short sale" and instinctively think of a seller that is insolvent and needs to sell their home promptly 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. More commonly, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these instances the "bargain" price may in fact be in line with current market values instead of below.

Are you ready to buy a short sale property?

  • Always do your research before making any offers. Using a qualified real estate agent from Petrovich Realty to support your research of a property will help you make informed decisions. We can help reveal to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring these facts can help you make a decision about how much to offer.
  • Get a real estate agent with short sale experience. Petrovich Realty can assist you in expediting the transaction and make certain you're protected. Don't let inexperience delay 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. Be aware that a majority of 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 sale terms. A lot of the time your offer will be presented 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 generally non-negotiable when dealing with a short sale. The lender will be selling the property "as is" which means the lender isn't going to pay for repairs. Make sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Petrovich Realty, 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, Petrovich Realty can help you. Apply my experience and knowledge of real estate to make sure that you're getting a fair deal and remain protected during the entire deal.

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