Ready 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. If you have any questions regarding real estate in Waldorf, Maryland, contact me here or e-mail me.

Purchasing a short sale in Waldorf, Maryland on your own is risky. Contact Century21 Comstock Earnest for expert advice.

Can I get a bargain on a short sale?

From time to time, yes. Often times people hear the term "short sale" and automatically think of a seller that is in trouble and needing to sell their house 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. In contrast, a lender may consider a short sale even if the seller is current, but property values have depreciated. In cases such as these the discounted price may in fact be consistent with actual market values rather than below.

What's involved in buying a short sale?
  • Before making any purchase offers, do your research. Using a qualified REALTOR® from Century21 Comstock Earnest to support your research of a property can help you make educated 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. Getting this info can help you make a decision about how much to offer.

  • Hire a REALTOR® with short sale expertise. The real estate agents at Century21 Comstock Earnest can help expedite the transaction and make certain you're protected. Don't permit inexperience to impede the closing process. Let our experience and knowledge work in your favor.

  • Even in the best of situations and with an experienced real estate agent, buying a short sale property will probably take longer than a typical real estate transaction. Be aware that most short sales will not close in 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 discounted price. A lot of the time your offer will be seen by 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 generally non-negotiable when working with a short sale. The lender will be selling the property just the way it is which means the lender won't be paying for repairs. Always reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Century21 Comstock Earnest, when we write an offer, we will be looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the results of the inspections.
If you are ready to buy, whether it's a short sale or a typical home sale, Century21 Comstock Earnest is available for you. Apply our experience and knowledge of real estate to be certain you're getting a fair deal and protect yourself during the complete transaction.
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