Want to buy a short sale?

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

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. Often times people hear the phrase "short sale" and instinctively think of a seller that is in financial trouble and must sell their property fast to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current with their mortgage, but property values have declined. In these cases the reduced price may in fact be in line with true market values, not below.

How do I buy a short sale?

  • Always do your homework before making any offers. Using a qualified real estate agent from Coldwell Banker Plourde Real Estate to help you research a property can help you make educated decisions. We can help find out 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 info can help you decide how much to offer.

  • Use a REALTOR® with short sale expertise. Coldwell Banker Plourde Real Estate can assist you in expediting the transaction and make sure you're protected. Don't allow inexperience to hinder the closing process. Let my 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 informed 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. Commonly, your offer will be presented to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
  • Home protection warranties, buyer credits and allowances, and closing cost concessions are generally not negotiable when buying a short sale. The lender is selling the property as seen which means the lender will not be paying for repairs. Make sure to 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 am looking out for your interests above all else and will always suggest that you make your offer contingent upon the results of the inspections.
When you're ready to buy, whether it is a short sale or a typical home sale, Coldwell Banker Plourde Real Estate can help. Utilize my experience and knowledge of real estate to be confident that you're getting a fair deal and will be protected during the whole process.