Ready to make a deal on a short sale?

A short sale is when the seller's lender has agreed to receive a reduced sum to release a mortgage.

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

Can I get a bargain on a short sale?

The short answer is "sometimes". Many people hear the term "short sale" and automatically think of a seller that is insolvent and needs to sell their home promptly to prevent further financial problems. This is at times 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 is current, but property values have declined. In these instances the reduced price may in fact be consistent with true market values, not below.

What's involved in buying a short sale?

  • Always do your research before making any offers. Using an experienced real estate professional from Petrovich Realty to assist you with researching a property will help you make informed decisions. We can help discover to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Finding this data can help you determine how much to offer.
  • Get a real estate agent with short sale expertise. Petrovich Realty can aid you in expediting the transaction and ensure that you're protected. Don't allow inexperience to hinder the closing process. Put my experience and knowledge to 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. Know that many 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 discounted price. It's not uncommon that your offer will be presented to a committee to approve, which will add time - sometimes even 2 to 3 months.
  • Home protection warranties, buyer credits and allowances, and closing cost concessions are usually not up for negotiation when buying a short sale. The lender will be selling the property "as is" which means the lender won't be paying for repairs. Be sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Petrovich Realty, when I write an offer, I will be looking out for your interests above all else and will always suggest that you make your offer contingent upon the outcome of the inspections.
When you're ready to buy, whether it is a short sale or a typical home sale, Petrovich Realty can help. Apply my experience and knowledge of real estate to feel confident you are getting a fair deal and remain protected during the entire process.

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