Ready to purchase 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. Should you have questions about real estate in Bucklin, Kansas, contact me here or e-mail me.

Purchasing a short sale in Bucklin, Kansas on your own is risky. Contact Cossell Enterprises, Inc for expert advice.

Are they good deals?

The short answer is "sometimes". Many people hear the phrase "short sale" and instinctively think of a seller that is in financial trouble and needing to sell their property fast to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to cash in on another's misfortune. More commonly, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In cases such as these the "bargain" price may in fact be closer to 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 real estate agent from Cossell Enterprises, Inc to support your research of a property can help you make knowledgeable decisions. We can help discover to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Getting this information can help you determine how much to offer.
  • Use an agent with short sale knowledge. Cossell Enterprises, Inc can assist you in expediting the transaction and make sure you're protected. Don't allow inexperience to hinder the closing process. Put my 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 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. In most cases your offer will be seen by a committee to approve, which will add time - sometimes even 2 to 3 months.
  • Home protection plans, buyer credits and allowances, and closing cost concessions are typically non-negotiable when working with a short sale. The lender is selling the property "as is" which means the lender isn't going to pay for repairs. Be sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Cossell Enterprises, Inc, when I write an offer, I'm looking out for your interests first and will always recommend that you make your offer contingent upon the results of the inspections.
If you are ready to buy, whether it be a short sale or a typical home sale, Cossell Enterprises, Inc can help. Apply my experience and knowledge of real estate to make sure that you are getting a fair deal and protect yourself during the entire purchase transaction.

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