Want 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.

Purchasing a short sale in Beaufort, South Carolina on your own is risky. Contact Ballenger Realty/BeaufortHomeTeam for expert advice.

Are they good deals?

Occasionally. Most people hear the phrase "short sale" and automatically think of a seller that is insolvent and needing to sell their home promptly to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most of another's misfortune. More commonly, a lender may consider a short sale even if the seller is current, but property values have declined. In these instances the discounted price may in fact be in line with true market values, not below.

Are you ready to buy a short sale property?

Prior to making any purchase offers, do your research. Using an experienced REALTOR^® from Ballenger Realty/BeaufortHomeTeam to assist you with researching a property will help you make informed decisions. We can help reveal to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring these facts can help you make a decision about how much to offer.
Use a real estate agent with short sale knowledge. The real estate agents at Ballenger Realty/BeaufortHomeTeam can assist you in expediting the transaction and make certain you're protected. Don't allow inexperience to slow down 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. Know that most short sales will not close in 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. Commonly, your offer will be sent to a committee for approval which will add time - sometimes even 2 to 3 months.
Home protection plans, buyer credits and allowances, and closing cost concessions are usually non-negotiable when working with a short sale. The lender will be selling the property as seen which means the lender will not be paying for repairs. Make sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Ballenger Realty/BeaufortHomeTeam, when we write an offer, we are looking out for your interests first and will always suggest that you make your offer contingent upon the results of the inspections.

When it is time to buy, whether it be a short sale or a typical home sale, Ballenger Realty/BeaufortHomeTeam is here to help. Utilize our experience and knowledge of real estate to be confident you are getting a fair deal and remain protected during the whole process.