Ready to purchase a short sale?

When a lender and a seller agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale. For more information, you can contact me through my site or e-mail me. I'm glad to answer any questions you have regarding real estate short sales.

Purchasing a short sale in Park City, Utah on your own is risky. Contact Brown & Company of Park City, Inc. for expert advice.

Are short sales good deals?

Sometimes. Most people hear the term "short sale" and routinely think of a seller that is insolvent and needs to sell their property promptly to avert further financial problems. This is at times the case and can be an opportunity for a buyer to make the most of another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have fallen. In cases such as these the discounted price may in fact be in line with current market values instead of below.

What's involved in buying a short sale?
  • Always do your research before making any offers. Using a qualified real estate agent from Brown & Company of Park City, Inc. to assist you with researching a property can help you make educated 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. Obtaining this information 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 Brown & Company of Park City, Inc. can assist you in expediting the transaction and make sure you're protected. Don't let inexperience delay the closing process. Let our experience and knowledge work for you.

  • Even in the best of situations and with an experienced real estate agent, buying a short sale property will generally 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 discounted price. In most cases 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 typically not negotiable when buying a short sale. The lender is selling the property just the way it is which means the lender won't be paying for repairs. Make sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Brown & Company of Park City, Inc., 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.
When it's time to buy, whether it's a short sale or a typical home sale, Brown & Company of Park City, Inc. is here to help. Use our experience and knowledge of real estate to be certain that you're getting a fair deal and will be protected during the complete deal.

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