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Looking to purchase 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 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.

Can I get a good deal on a short sale?

Every now and then a good deal will come along. Many people hear the words "short sale" and automatically think of a seller that is in trouble and needs to sell their property fast to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from another's misfortune. In contrast, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In these instances the "bargain" price may in fact be in line with current market values rather than below.

Are you ready to buy a short sale property?

  • Always do your research before making any offers. Using a knowledgeable REALTOR® from Petrovich Realty to support your research of a property can help you make informed decisions. We can help find out to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this data can help you make a decision about how much to offer.
  • Use a REALTOR® with short sale knowledge. Petrovich Realty can aid you in expediting the transaction and make certain you're protected. Don't allow inexperience to delay the closing process. Put my knowledge and experience to work for you.

  • 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 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 sale terms. In most cases your offer will be presented to 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 typically non-negotiable when working with a short sale. The lender will sell the property "as is" which means the lender will not be paying for repairs. Be sure to reserve the right to have the property inspected 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 foremost and will always suggest that you 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 is here to help. Apply my experience and knowledge of real estate to be confident you're getting a fair deal and will be protected during the entire deal.

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