Ready to buy a short sale?

If a homeowner is upside down on their mortgage payments, they can sometimes get the lender to agree to a short sale, whereby the lender consents to release the mortgage for a sum less than what's owed. If you have questions about real estate in Waterville, Maine, contact me here or e-mail me.

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

Can I get a good deal on a short sale?

The short answer is "sometimes". Many people hear the phrase "short sale" and routinely think of a seller that is in default and must sell their property quickly to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to cash in on another's misfortune. More commonly, a lender may consider a short sale even if the seller is current with their mortgage, but property values have fallen. In these cases the discounted price may in fact be closer to current market values rather than below.

What's involved in buying a short sale?

  • Before you make any purchase offers, do your research. Using an experienced real estate agent from Coldwell Banker Plourde Real Estate to help you research a property can help you make knowledgeable decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Locating these facts can help you make a decision about how much to offer.
  • Hire a REALTOR® with short sale experience. Coldwell Banker Plourde Real Estate can help expedite the transaction and make certain you're protected. Don't allow inexperience to hold up 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 probably 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 discounted price. It's not uncommon that your offer will be presented to a committee to approve, which will add time - sometimes even 2 to 3 months.
  • Home protection warranties, buyer credits and allowances, and closing cost concessions are typically not up for negotiation when working with a short sale. The lender is selling the property just the way it is which means the lender will not be paying for repairs. Always reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Coldwell Banker Plourde Real Estate, when I write an offer, I will be looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the inspection results.
If you're ready to buy, whether it's a short sale or a typical home sale, Coldwell Banker Plourde Real Estate is available for you. Utilize my experience and knowledge of real estate to feel confident you are getting a fair deal and protect yourself during the full matter.