Want to make a deal on a short sale?


	A short sale happens when the seller's lender has agreed to collect a reduced amount to release a mortgage. For more information, you can contact me through my site or e-mail me. I'm happy to answer any questions you have regarding real estate short sales.

Purchasing a short sale in Southern Maryland, Maryland on your own is risky. Contact Century 21 New Millennium for expert advice.

Can I get a bargain on a short sale?

Sometimes. Often times people hear the phrase "short sale" and automatically 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. 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 discounted price may in fact be closer to true market values, not below.

How do I buy a short sale?

Before you make any purchase offers, do your research. Using a knowledgeable real estate agent from Century 21 New Millennium to help you research a property can help you make informed 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. Getting these facts can help you decide how much to offer.
Hire a real estate professional with short sale experience. The real estate agents at Century 21 New Millennium can assist you in expediting the transaction and ensure that you're protected. Don't permit inexperience to hold up the closing process. Let our experience and knowledge work for you.
Even with an experienced real estate agent and under the best circumstances, buying a short sale property will generally take longer than a typical real estate transaction. Know that a majority of short sales will not close in 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. It's not uncommon that your offer will be sent 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 not up for negotiation when buying a short sale. The lender will be selling the property just the way it is which means the lender isn't going to pay for repairs. Be sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Century 21 New Millennium, when I write an offer, I'm looking out for your interests above all else and will always suggest that you make your offer contingent upon the inspection results.

If you're ready to buy, whether it's a short sale or a typical home sale, Century 21 New Millennium can help. Utilize my experience and knowledge of real estate to make sure that you are getting a fair deal and remain protected during the complete matter.