Looking to make a deal on a short sale?


	If a seller owes more on their house than its value, 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 due.

Purchasing a short sale in Lexington, South Carolina on your own is risky. Contact Craig Connelly for expert advice.

Are short sales bargains?

Occasionally. Most people hear the term "short sale" and routinely think of a seller that is insolvent and must sell their house promptly to avert further financial problems. This is at times the case and can be an opportunity for a buyer to do well from 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 cases such as these the reduced price may in fact be consistent with current market values rather than below.

Are you ready to buy a short sale property?

Prior to making any purchase offers, do your homework. Using a qualified REALTOR^® from Craig Connelly to assist you with researching a property will help you make informed decisions. We can help find out to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this info can help you make a decision about how much to offer.
Use a real estate professional with short sale experience. The real estate agents at Craig Connelly can assist you in expediting the transaction and make sure you're protected. Don't permit inexperience to impede the closing process. Put our knowledge and experience to work for you.
Even with an experienced real estate agent and under the best circumstances, buying a short sale property will usually take longer than a typical real estate transaction. Be informed that many short sales will not close in the customary 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the sale terms. A lot of the time your offer will be presented to 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 usually not negotiable when working with a short sale. The lender is selling the property as seen which means the lender won't be paying for repairs. Make sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Craig Connelly, when we write an offer, we will be looking out for your interests first and will always recommend that you make your offer contingent upon the inspection results.

When it is time to buy, whether it be a short sale or a typical home sale, Craig Connelly can help you. Use our experience and knowledge of real estate to make sure that you're getting a fair deal and protect yourself during the full purchase transaction.