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Looking to make a deal on a short sale?

When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on a house, it's called a short sale.

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?

Occasionally. Most people hear the phrase "short sale" and routinely think of a seller that is in financial trouble and needing to sell their home fast to avert further financial problems. This is sometimes 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 with their mortgage, but property values have declined. In these cases the reduced price may in fact be closer to current market values rather than below.

What's involved in buying a short sale?

  • Always do your research before making any offers. Using a knowledgeable real estate agent from Petrovich Realty to assist you with researching a property can help you make educated decisions. We can help reveal to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Finding this info can help you make a decision about 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 delay the closing process. Let my experience and knowledge work in your favor.

  • Even with an experienced real estate agent and under the best circumstances, buying a short sale property will probably take longer than a typical real estate transaction. Be informed that most short sales will not close in less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. It's not uncommon that 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 usually non-negotiable when buying a short sale. The lender will sell the property "as is" which means the lender won't be paying 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 will be looking out for your interests first and will always advise you to make your offer contingent upon the inspection results.
When it is time to buy, whether it's a short sale or a typical home sale, Petrovich Realty is available for you. Use my experience and knowledge of real estate to be confident that you are getting a fair deal and remain protected during the entire process.

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