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Want to buy a short sale?

A short sale means the seller's lender agrees to receive a reduced sum to release a mortgage.

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?

The short answer is "sometimes". Many people hear the phrase "short sale" and routinely think of a seller that is in financial trouble and needs to sell their home promptly 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 isn't delinquent with their payments, but property values have declined. In these instances the reduced price may in fact be in line with actual market values, not below.

What's involved in buying a short sale?

  • Always do your research before making any offers. Using an experienced real estate professional from Century 21 Judge Fite Company to assist you with researching a property can help you make educated decisions. We can help find out to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Finding this data can help you decide how much to offer.
  • Hire an agent with short sale knowledge. Century 21 Judge Fite Company can assist you in expediting the transaction and make certain you're protected. Don't allow inexperience to hold up 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 usually take longer than a typical real estate transaction. Be aware that most short sales will not close in less than 30 days. Remember that you're not only having to get approval from the seller, but the lender must also agree to the sale terms. It's not uncommon that your offer will be sent to 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 usually non-negotiable when working 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 inspections 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 first and foremost and will always recommend that you make your offer contingent upon the results of the inspections.
When it is time to buy, whether it be a short sale or a typical home sale, Century 21 Judge Fite Company can help. Utilize my experience and knowledge of real estate to be confident you're getting a fair deal and protect yourself during the entire purchase transaction.