Want to make a deal on a short sale?

When 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 consents to release the mortgage for a sum less than what's owed. For more information, you can contact us through our site or e-mail us. We're happy to address questions you have regarding real estate short sales.

Purchasing a short sale in ELLSWORTH, Maine on your own is risky. Contact JONES REAL ESTATE AGENCY for expert advice.

Are short sales bargains?

From time to time, yes. Many people hear the phrase "short sale" and instinctively think of a seller that is insolvent and needs to sell their property promptly 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. Alternatively, a lender may consider a short sale even if the seller is current, but property values have declined. In these cases the discounted price may in fact be closer to current market values instead of below.

What's involved in buying a short sale?

  • Always do your homework before making any offers. Using a qualified real estate professional from JONES REAL ESTATE AGENCY to assist you with researching a property will help you make informed decisions. We can help find out to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this information can help you determine how much to offer.
  • Get an agent with short sale experience. The real estate agents at JONES REAL ESTATE AGENCY can assist you in expediting the transaction and make sure you're protected. Don't let inexperience impede the closing process. Put our experience and knowledge to 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 most short sales will not close in the customary 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the sale terms. Commonly, your offer will be presented 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 not up for negotiation when dealing with a short sale. The lender is selling the property "as is" 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 JONES REAL ESTATE AGENCY, when we write an offer, we're looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the outcome of the inspections.
When it's time to buy, whether it is a short sale or a typical home sale, JONES REAL ESTATE AGENCY is available for you. Utilize our experience and knowledge of real estate to be certain that you are getting a fair deal and will be protected during the whole process.