Looking to buy a short sale?

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

Purchasing a short sale in Concord, New Hampshire on your own is risky. Contact New Way Realty for expert advice.

Can I get a bargain on a short sale?

Every now and then a good deal will come along. Most people hear the term "short sale" and automatically think of a seller that is in financial trouble and must sell their home promptly to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of another's misfortune. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In these cases the reduced price may in fact be consistent with true market values, not below.

What's involved in buying a short sale?

  • Prior to making any purchase offers, do your homework. Using a qualified real estate agent from New Way Realty to assist you with researching a property can help you make knowledgeable decisions. We can help discover to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Finding this information can help you make a decision about how much to offer.
  • Hire a real estate professional with short sale expertise. New Way Realty can aid you in expediting the transaction and ensure that you're protected. Don't let inexperience delay the closing process. Put my experience and knowledge to 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 aware that many 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 sale terms. In most cases your offer will be sent to 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 generally not negotiable when buying a short sale. The lender will be selling the property as seen 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 New Way Realty, when I write an offer, I am looking out for your interests above all else and will always advise you to make your offer contingent upon the inspection results.
When you're ready to buy, whether it's a short sale or a typical home sale, New Way Realty is here to help. Apply my experience and knowledge of real estate to be confident that you are getting a fair deal and remain protected during the whole purchase transaction.