Looking to purchase a short sale?


	If a seller owes more on their house than its value, they can sometimes get the lender to agree to a short sale, whereby the lender agrees to release the mortgage for an amount less than what's owed.

Purchasing a short sale in Strongsville, Ohio on your own is risky. Contact Coldwell Banker Hunter Realty for expert advice.

Are they good deals?

Every now and then a good deal will come along. Often times people hear the phrase "short sale" and automatically think of a seller that is insolvent and needs to sell their house fast to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to do well from another's misfortune. In contrast, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In cases such as these the discounted price may in fact be closer to current market values instead of below.

How do I buy a short sale?

Always do your research before making any offers. Using a qualified REALTOR^® from Coldwell Banker Hunter Realty to assist you with researching a property can 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. Locating this information can help you make a decision about how much to offer.
Hire a real estate agent with short sale expertise. The real estate agents at Coldwell Banker Hunter Realty can aid you in expediting the transaction and ensure that you're protected. Don't permit inexperience to delay the closing process. Let our experience and knowledge work in your favor.
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 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 discounted price. It's not uncommon that your offer will go before a committee to approve or disapprove which will add time - sometimes even 2 to 3 months.
Home protection plans, buyer credits and allowances, and closing cost concessions are normally non-negotiable when dealing with a short sale. The lender will be selling the property as seen which means the lender isn't going to pay for repairs. Be sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Coldwell Banker Hunter Realty, when we write an offer, we are looking out for your interests first and will always advise you to make your offer contingent upon the results of the inspections.

When you are ready to buy, whether it be a short sale or a typical home sale, Coldwell Banker Hunter Realty is here to help. Utilize our experience and knowledge of real estate to feel confident you're getting a fair deal and remain protected during the complete process.