Short sales in Murphy NC Real estate has been on my mind a lot lately because there are a handful of homes out there that are short sales. Last night after writing the Basic Information on Short Sales in Murphy NC article, I felt compelled to continue on with it because there are so many things that be a challenge with them.
You can get a great buy with them, there’s just a few things that you need to know with them.
- Has the listing price for the short sale been approved by the mortgaging bank? This is probably the most important question you can ask. If not, who’s to say the bank won’t approve it? I had an instance a month ago where we wrote an offer for more than the list price and the bank did not accept the offer.
- Be patient. Like with foreclosures, you must be patient.
- Have buyer agency. Make sure you have your real estate agent representing you and giving you good, sound advice. If you don’t feel like they are working for you, fire them and get another real estate agent who is – CALL The Poltrock Team!! 😉
- Be prequalified with a bank for a mortgage prior to making an offer or buy in cash. Just like with a bank owned property, money talks and they want to know you have the ability to follow through with your offer to purchase.
- You’re not appealing to a seller. Yes the seller is involved and must sign your Offer to Purchase. In many cases though, they don’t care what it will sell for unless they have to bring money to the closing table. You are appealing to the bank and your offer needs to be written so it protects you and so it appeals to the bankers, not a “person.”
- Be prepared for stupid requests. Although it won’t be as bad as in a foreclosure, there are a lot of stupid forms you may be required to sign. Smile, grin, and bear it 😉
That’s a great start as to what you should expect from a short sale. Be certain about item #1. Otherwise, there’s a good chance you are wasting your time trying to buy it. If you like the house, have patience, and follow the rest of the advice, there’s a possibility you will get a great buy!
If you would like to know more information about short sales, what to do, and need a Realtor to represent you, give us a call! We’re here for you and in business because of you, so let us know what we can do to do help.
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