Ready to purchase a short sale?


	A short sale happens when the homeowner's lender agrees to accept a reduced payoff to release a mortgage. If you have questions regarding real estate in Chesapeake, Virginia, contact me here or e-mail me.

Purchasing a short sale in Chesapeake, Virginia on your own is risky. Contact Rose and Womble Realty for expert advice.

Are short sales bargains?

Occasionally. Most people hear the phrase "short sale" and instinctively think of a seller that is in trouble and must sell their property fast to avoid further financial problems. This is sometimes 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 is current, but property values have depreciated. In these cases the discounted price may in fact be closer to true market values rather than below.

How do I buy a short sale?

Prior to making any purchase offers, do your homework. Using a knowledgeable real estate agent from Rose and Womble Realty to support your research of a property will help you make educated decisions. We can help learn to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Having this information can help you decide how much to offer.
Get a REALTOR^® with short sale knowledge. The real estate agents at Rose and Womble Realty can help expedite the transaction and make certain you're protected. Don't allow inexperience to delay the closing process. Let our experience and knowledge work in your favor.
Even with an experienced real estate agent and under the best circumstances, buying a short sale property will usually take longer than a typical real estate transaction. Be informed that most short sales will not close in 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the sale terms. A lot of the time your offer will be presented to a committee to approve, which will add time - sometimes even 2 to 3 months.
Home warranties, buyer credits and allowances, and closing cost concessions are typically not up for negotiation when dealing with a short sale. The lender will be selling the property as seen which means the lender won't be paying for repairs. Be sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Rose and Womble Realty, when I write an offer, I will be looking out for your interests first and will always recommend that you make your offer contingent upon the outcome of the inspections.

When you're ready to buy, whether it's a short sale or a typical home sale, Rose and Womble Realty can help. Utilize my experience and knowledge of real estate to make sure you're getting a fair deal and will be protected during the full process.