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. Should you have any questions regarding 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 good deals?

From time to time, yes. Many people hear the phrase "short sale" and routinely think of a seller that is in trouble and needing to sell their house quickly to avoid further financial problems. This is at times 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, but property values have declined. In these instances the reduced price may in fact be closer to actual market values, not below.

How do I buy a short sale?

  • Always do your homework before making any offers. Using an experienced real estate agent from Century 21 Judge Fite Company to support your research of a property will help you make educated decisions. We can help learn to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this info can help you determine how much to offer.
  • Use a real estate agent with short sale experience. Century 21 Judge Fite Company can aid you in expediting the transaction and ensure that you're protected. Don't permit inexperience to impede the closing process. Let my experience and knowledge work for you.

  • 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 many short sales will not close in the customary 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the discounted price. Commonly, your offer will go before a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are usually non-negotiable when buying a short sale. The lender is selling the property "as is" which means the lender won't be paying for repairs. Make sure you 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 inspection results.
When you are ready to buy, whether it's a short sale or a typical home sale, Century 21 Judge Fite Company can help you. Utilize my experience and knowledge of real estate to be confident that you are getting a fair deal and remain protected during the whole transaction.