Ready to make a deal on 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. Should you have any 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 good deal on a short sale?

From time to time, yes. Most people hear the term "short sale" and automatically think of a seller that is in default and must sell their property fast to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most 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 declined. In these cases the discounted price may in fact be in line with current market values, not below.

What's involved in buying a short sale?

  • Before you make any purchase offers, do your research. Using an experienced real estate agent from Cossell Enterprises, Inc to support your research of a property will help you make knowledgeable 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. Having this data can help you make a decision about how much to offer.
  • Hire an agent with short sale expertise. Cossell Enterprises, Inc can assist you in expediting the transaction and ensure that you're protected. Don't permit inexperience to hinder the closing process. Let my experience and knowledge work in your favor.

  • Even with an experienced real estate agent and under the best of situations, buying a short sale property will probably take longer than a typical real estate transaction. Know that many 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. A lot of the time your offer will go before a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
  • Home protection warranties, buyer credits and allowances, and closing cost concessions are normally not up for negotiation when working with a short sale. The lender will be selling the property as seen which means the lender isn't going to pay for repairs. Be sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Cossell Enterprises, Inc, when I write an offer, I am looking out for your interests first and will always suggest that you make your offer contingent upon the results of the inspections.
When you're ready to buy, whether it is a short sale or a typical home sale, Cossell Enterprises, Inc can help you. Use my experience and knowledge of real estate to be certain that you're getting a fair deal and remain protected during the complete purchase transaction.

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