Want to buy a short sale?


	If a seller owes more on their home than its value, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender agrees to release the mortgage for a sum less than what's due.

Purchasing a short sale in Mckinney, Texas on your own is risky. Contact Stonebridge Realty Group for expert advice.

Can I get a good deal on a short sale?

Every now and then a good deal will come along. Often times people hear the phrase "short sale" and routinely think of a seller that is insolvent and must sell their home fast to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current, but property values have depreciated. In these instances the discounted price may in fact be consistent with actual market values instead of below.

How do I buy a short sale?

Always do your research before making any offers. Using an experienced real estate agent from Stonebridge Realty Group to support your research of a property will 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. Finding this info can help you determine how much to offer.
Use a REALTOR^® with short sale experience. The real estate agents at Stonebridge Realty Group can aid you in expediting the transaction and make certain you're protected. Don't permit inexperience to impede the closing process. Let our 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. Be aware that most 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 terms of the sale. Commonly, 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 normally not negotiable when dealing with a short sale. The lender is selling the property just the way it is which means the lender won't be paying for repairs. Be sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Stonebridge Realty Group, when we write an offer, we're looking out for your interests above all else and will always recommend that you make your offer contingent upon the results of the inspections.

If you are ready to buy, whether it is a short sale or a typical home sale, Stonebridge Realty Group is available for you. Utilize our experience and knowledge of real estate to be certain that you're getting a fair deal and are protected during the complete deal.