Ready to buy a short sale?


	When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on a house, it's called a short sale. For more information, simply contact me through my site or e-mail me. I'm happy to answer questions you have about real estate short sales.

Purchasing a short sale in Torrington, Connecticut on your own is risky. Contact Dan Mordecai Broker for expert advice.

Are short sales bargains?

Occasionally. Many people hear the phrase "short sale" and instinctively think of a seller that is insolvent and needs 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 make the most of another's misfortune. In contrast, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have depreciated. In these instances the "bargain" price may in fact be closer to current market values, not below.

How do I buy a short sale?

Always do your homework before making any offers. Using a knowledgeable REALTOR^® from Dan Mordecai Broker to support your research of a property will help you make informed decisions. We can help discover to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Finding these facts can help you make a decision about how much to offer.
Get a REALTOR^® with short sale experience. The real estate agents at Dan Mordecai Broker can help expedite the transaction and make certain you're protected. Don't let inexperience hold up the closing process. Put our experience and knowledge to work in your favor.
Even with an experienced real estate agent and under the best of situations, buying a short sale property will probably take longer than a typical real estate transaction. Be informed that a majority of short sales will not close in the customary 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. Commonly, your offer will be seen by 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 will sell the property just the way it is which means the lender won't be paying for repairs. Always reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Dan Mordecai Broker, when we write an offer, we will be 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's time to buy, whether it be a short sale or a typical home sale, Dan Mordecai Broker is here to help. Utilize our experience and knowledge of real estate to be certain that you are getting a fair deal and will be protected during the full process.

Dan Mordecai Broker

Phone: Cell: Fax:

Copyright © 2012 Dan Mordecai Broker
Portions Copyright © 2012 a la mode, inc.
Another XSite by a la mode, inc. | Admin Login| Terms of Use| Site Map
All rate, payment, and area information are estimates and approximations only.