Want to purchase 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, you can contact me through my site or e-mail me. I'm happy to address questions you have regarding real estate short sales.

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?

Sometimes. Most people hear the phrase "short sale" and routinely think of a seller that is in financial trouble and must sell their house fast to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to do well from another's misfortune. More commonly, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have depreciated. In cases such as these the discounted price may in fact be closer to actual market values rather than below.

What's involved in buying a short sale?

  • Prior to making any purchase offers, do your homework. Using a knowledgeable real estate agent from Century 21 Judge Fite Company to support your research of a property will help you make knowledgeable decisions. We can help discover to whom the property is titled, the balance still 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.
  • Use an agent with short sale knowledge. Century 21 Judge Fite Company can help expedite the transaction and make certain you're protected. Don't allow inexperience to impede 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 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 terms of the sale. In most cases your offer will be seen by a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are generally non-negotiable when dealing with a short sale. The lender will sell the property as seen 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 advise you to make your offer contingent upon the outcome of the inspections.
When you are ready to buy, whether it be a short sale or a typical home sale, Century 21 Judge Fite Company can help you. Apply my experience and knowledge of real estate to be confident that you are getting a fair deal and protect yourself during the full purchase transaction.