Want to buy a short sale?

When a lender and a seller agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale.

Purchasing a short sale in Waterville, Maine on your own is risky. Contact Coldwell Banker Plourde Real Estate for expert advice.

Are short sales bargains?

Every now and then a good deal will come along. Often times people hear the words "short sale" and instinctively think of a seller that is insolvent and needing to sell their home promptly to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage 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 declined. In these cases the reduced price may in fact be consistent with current market values, not below.

How do I buy a short sale?

  • Always do your research before making any offers. Using a knowledgeable REALTOR® from Coldwell Banker Plourde Real Estate 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. Acquiring this information can help you decide how much to offer.
  • Hire a REALTOR® with short sale experience. Coldwell Banker Plourde Real Estate can help expedite the transaction and ensure that you're protected. Don't let inexperience hold up the closing process. Let my experience and knowledge 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 less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the sale terms. In most cases your offer will be seen by a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home protection plans, buyer credits and allowances, and closing cost concessions are generally non-negotiable when dealing with a short sale. The lender is selling the property just the way it is which means the lender will not be paying for repairs. Make sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Coldwell Banker Plourde Real Estate, when I write an offer, I am looking out for your interests first and foremost and will always advise you to make your offer contingent upon the outcome of the inspections.
If you're ready to buy, whether it's a short sale or a typical home sale, Coldwell Banker Plourde Real Estate is here to help. Apply my experience and knowledge of real estate to feel confident you are getting a fair deal and remain protected during the entire deal.