Looking to make a deal on a short sale?

When a seller owes more on their home than its value, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender agrees to release the mortgage for a sum less than what's owed. For more information, just contact me through my site or e-mail me. I'm happy to address any questions you have about real estate short sales.

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

Are short sales bargains?

Every now and then a good deal will come along. Often times people hear the phrase "short sale" and automatically think of a seller that is in financial trouble and needing to sell their house fast 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. Alternatively, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these cases the "bargain" price may in fact be closer to true market values instead of below.

What's involved in buying a short sale?

  • Always do your homework before making any offers. Using a knowledgeable real estate professional from Cossell Enterprises, Inc to assist you with researching 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. Locating these facts can help you determine how much to offer.
  • Use an agent with short sale experience. Cossell Enterprises, Inc can aid you in expediting the transaction and make certain you're protected. Don't allow inexperience to delay 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. Know that most 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 discounted price. A lot of the time your offer will be presented 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 not up for negotiation when dealing with a short sale. The lender will be selling the property "as is" which means the lender won't be paying for repairs. Be sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Cossell Enterprises, Inc, when I write an offer, I will be looking out for your interests first and will always advise you to make your offer contingent upon the results of the inspections.
When it is time to buy, whether it's a short sale or a typical home sale, Cossell Enterprises, Inc is here to help. Apply my experience and knowledge of real estate to feel confident you are getting a fair deal and protect yourself during the entire process.

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