Looking to make a deal on a short sale?

A short sale happens when the seller's lender has agreed to accept a reduced payoff to release a mortgage. If you have any questions about real estate in Denton, Texas, contact me here or e-mail me.

Purchasing a short sale in Denton, Texas on your own is risky. Contact Century 21 Judge Fite Company for expert advice.

Are short sales bargains?

The short answer is "sometimes". Many people hear the phrase "short sale" and instinctively think of a seller that is insolvent and needs to sell their house fast to avoid further financial problems. This is sometimes 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 reduced price may in fact be closer to current market values instead of below.

Are you ready to buy a short sale property?

  • Always do your homework before making any offers. Using a qualified REALTOR® from Century 21 Judge Fite Company to assist you with researching a property can help you make knowledgeable 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 information can help you make a decision about how much to offer.
  • Hire a REALTOR® with short sale knowledge. Century 21 Judge Fite Company can assist you in expediting the transaction and ensure that you're protected. Don't permit inexperience to impede the closing process. Put my knowledge and experience to work for you.

  • Even with an experienced real estate agent and under the best circumstances, buying a short sale property will generally take longer than a typical real estate transaction. Be informed that a majority of short sales will not close in 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the terms of the sale. A lot of the time your offer will go before 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 usually not up for negotiation when dealing with a short sale. The lender will be selling the property "as is" which means the lender will not be paying for repairs. Make sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Century 21 Judge Fite Company, when I write an offer, I'm looking out for your interests above all else and will always suggest that you make your offer contingent upon the results of the inspections.
If you're ready to buy, whether it is a short sale or a typical home sale, Century 21 Judge Fite Company is here to help. Use my experience and knowledge of real estate to feel confident that you're getting a fair deal and protect yourself during the complete purchase transaction.