Ready to buy a short sale?

When a homeowner is upside down on their mortgage payments, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender consents to release the mortgage for a sum less than what's owed. If 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.

Can I get a bargain on a short sale?

The short answer is "sometimes". Many people hear the words "short sale" and instinctively think of a seller that is insolvent and needing to sell their house promptly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage of another's misfortune. In contrast, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In cases such as these the "bargain" price may in fact be closer to actual market values rather than below.

Are you ready to buy a short sale property?

  • Before you make any purchase offers, do your research. Using a knowledgeable REALTOR® from Cossell Enterprises, Inc to support your research of a property can help you make informed 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. Locating this data can help you determine how much to offer.
  • Hire a real estate professional with short sale experience. Cossell Enterprises, Inc can help expedite the transaction and ensure that you're protected. Don't allow inexperience to delay the closing process. Let my 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 generally take longer than a typical real estate transaction. Be informed that many short sales will not close in 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the discounted price. In most cases 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 typically not negotiable when working with a short sale. The lender is selling the property just the way it is which means the lender will not be paying for repairs. Always 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 foremost and will always suggest that you make your offer contingent upon the results of the inspections.
When you're ready to buy, whether it's a short sale or a typical home sale, Cossell Enterprises, Inc can help you. Utilize my experience and knowledge of real estate to be certain you are getting a fair deal and remain protected during the complete transaction.

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