Ready to make a deal on a short sale?

A short sale is when the seller's lender agrees to get a reduced amount to release a mortgage. If you have any questions about real estate in Beaufort, South Carolina, contact me here or e-mail me.

Purchasing a short sale in Beaufort, South Carolina on your own is risky. Contact Exit Realty of Beaufort/Melissa Evans for expert advice.

Are they good deals?

Every now and then a good deal will come along. Often times people hear the words "short sale" and routinely think of a seller that is in financial trouble and needing to sell their home quickly to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current, but property values have depreciated. In cases such as these the reduced price may in fact be consistent with current market values, not below.

What's involved in buying a short sale?
  • Always do your research before making any offers. Using a knowledgeable REALTOR® from Exit Realty of Beaufort/Melissa Evans to support your research of a property can help you make knowledgeable decisions. We can help learn to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Having these facts can help you determine how much to offer.
  • Hire a real estate agent with short sale expertise. The real estate agents at Exit Realty of Beaufort/Melissa Evans can assist you in expediting the transaction and ensure that you're protected. Don't allow inexperience to hold up the closing process. Put our knowledge and experience to work for you.

  • Even in the best of situations and with an experienced real estate agent, buying a short sale property will generally take longer than a typical real estate transaction. Be aware that a majority of short sales will not close in the customary 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 terms of the sale. It's not uncommon that your offer will be sent to a committee for approval which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are normally non-negotiable when working with a short sale. The lender will sell the property as seen which means the lender won't be paying for repairs. Make sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Exit Realty of Beaufort/Melissa Evans, when we write an offer, we will be looking out for your interests above all else and will always recommend that you make your offer contingent upon the results of the inspections.
When you are ready to buy, whether it is a short sale or a typical home sale, Exit Realty of Beaufort/Melissa Evans is here to help. Use our experience and knowledge of real estate to make sure you're getting a fair deal and will be protected during the entire matter.

Melissa Evans
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