Looking to buy a short sale?


	When a homeowner is upside down on their mortgage payments, they can sometimes get the lender to agree to a short sale, whereby the lender agrees to release the mortgage for an amount less than what's due.

Purchasing a short sale in Charlottesville, Virginia on your own is risky. Contact Anita Dunbar - Montague, Miller & Co. for expert advice.

Can I get a bargain on a short sale?

From time to time, yes. Often times people hear the phrase "short sale" and instinctively think of a seller that is in trouble and needs to sell their property quickly to prevent 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. More commonly, a lender may consider a short sale even if the seller is current with their mortgage, but property values have declined. In these instances the "bargain" price may in fact be in line with actual market values rather than below.

How do I buy a short sale?

Before you make any purchase offers, do your homework. Using a knowledgeable real estate professional from Anita Dunbar - Montague, Miller & Co. to help you research a property will help you make informed decisions. We can help reveal 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 make a decision about how much to offer.
Hire an agent with short sale knowledge. The real estate agents at Anita Dunbar - Montague, Miller & Co. can assist you in expediting the transaction and make sure you're protected. Don't permit inexperience to hold up the closing process. Let our experience and knowledge work for you.
Even with an experienced real estate agent and under the best of situations, buying a short sale property will usually take longer than a typical real estate transaction. Know that many short sales will not close in the customary 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. Commonly, your offer will be sent to 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 usually not up for negotiation when working with a short sale. The lender is selling the property "as is" which means the lender won't be paying for repairs. Make sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Anita Dunbar - Montague, Miller & Co., 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 you're ready to buy, whether it be a short sale or a typical home sale, Anita Dunbar - Montague, Miller & Co. can help you. Use our experience and knowledge of real estate to be certain you're getting a fair deal and are protected during the whole deal.

Contact Anita Dunbar
Montague, Miller & Company Realtors
500 Westfield Road
Charlottesville, VA 22901
Toll Free: 1-800-793-5393
Direct: (434) 951-7135
adunbar@cfw.com