Ready to make a deal on 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. For more information, just contact me through my site or e-mail me. I'm glad to address any questions you have about real estate short sales.

Purchasing a short sale in Waterville, Maine on your own is risky. Contact Coldwell Banker Plourde Real Estate for expert advice.

Are short sales good deals?

Every now and then a good deal will come along. Most people hear the words "short sale" and automatically think of a seller that is in financial trouble and must sell their house quickly to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most of another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these instances the reduced price may in fact be consistent with current market values, not below.

How do I buy a short sale?

  • Before making any purchase offers, do your research. Using a qualified real estate agent from Coldwell Banker Plourde Real Estate to support your research of a property will help you make educated 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. Obtaining this info can help you make a decision about how much to offer.
  • Get a REALTOR® with short sale experience. Coldwell Banker Plourde Real Estate can assist you in expediting the transaction and make sure you're protected. Don't permit inexperience to hold up the closing process. Let my experience and knowledge work for you.

  • Even with an experienced real estate agent and under the best circumstances, buying a short sale property will probably 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 having to satisfy the seller, but the lender must also agree to the discounted price. In most cases your offer will be seen by a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home protection warranties, buyer credits and allowances, and closing cost concessions are generally non-negotiable when working with a short sale. The lender is selling the property "as is" which means the lender isn't going to pay for repairs. Always reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Coldwell Banker Plourde Real Estate, when I write an offer, I'm looking out for your interests first and foremost and will always advise you to make your offer contingent upon the outcome of the inspections.
When you're ready to buy, whether it's a short sale or a typical home sale, Coldwell Banker Plourde Real Estate can help you. Apply my experience and knowledge of real estate to be certain that you are getting a fair deal and protect yourself during the full purchase transaction.