Ready to buy 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. If you have questions regarding real estate in Roanoke, Virginia, contact me here or e-mail me.

Purchasing a short sale in Roanoke, Virginia on your own is risky. Contact MKB Realtors for expert advice.

Are they good deals?

Sometimes. Most people hear the term "short sale" and routinely think of a seller that is in trouble and must sell their property fast to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to cash in on another's misfortune. More commonly, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these instances the reduced price may in fact be consistent with true market values, not below.

Are you ready to buy a short sale property?

Before making any purchase offers, do your homework. Using a knowledgeable REALTOR^® from MKB Realtors to help you research 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. Finding this info can help you decide how much to offer.
Use an agent with short sale knowledge. The real estate agents at MKB Realtors can assist you in expediting the transaction and make certain you're protected. Don't permit inexperience to hinder the closing process. Let our experience and knowledge work in your favor.
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 aware that a majority of short sales will not close in the customary 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. Commonly, 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 non-negotiable when dealing with a short sale. The lender will sell the property as seen which means the lender isn't going to pay for repairs. Make sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At MKB Realtors, when we write an offer, we are looking out for your interests above all else and will always advise you to make your offer contingent upon the results of the inspections.

If you are ready to buy, whether it's a short sale or a typical home sale, MKB Realtors is here to help. Utilize our experience and knowledge of real estate to feel confident you are getting a fair deal and remain protected during the whole matter.