Joint Base Charleston Real Estate

What's a Short Sale??

November 3rd, 2011 11:13 AM by

Short Sales! What You Need to Know

Are you looking to take advantage of the great buys available in the Charleston AFB area? You’ve heard all the talk about the huge inventory of ‘short sales’…….But exactly what is a short sale? And what does it mean to you?

Simply put, when a home is sold for less that what is owed, the sale is considered a short sale.

You're a good candidate for a short-sale purchase in Charleston if:

  • You're VERY patient. Short sales can take between 2 – 4 months, and in some cases, even longer.
  • If you're preapproved, have a large down payment, and can close at any time, your offer will be viewed more favorably than that of other buyers.
  • You don’t have any contingencies. Lenders like no-contingency offers and flexible closing terms.
  • You understand the property is often sold “As Is”. Lenders are already taking a loss on the property and generally do not agree to requests for repair credits.

If you're serious about purchasing a Charleston AFB short-sale property, it's important for you to have expert assistance. A qualified real estate professional will be able to show you short-sale homes, help negotiate the purchase when you find the property you want to buy, and smooth communications with the lender.

The risks of a short sale are considerable, but can be well worth it! If you have the time and patience, and the right real estate professionals on your side - a short sale can be a win for you and the seller.

 

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Posted by on November 3rd, 2011 11:13 AM

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