Looking to make a deal on a short sale?

A short sale is when the homeowner's lender consents to accept a reduced payment to release a mortgage. If you have any questions about real estate in Brownwood, Texas, contact us here or e-mail us.

Purchasing a short sale in Brownwood, Texas on your own is risky. Contact LONE STAR HOME & LOAN 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 default and needing to sell their house fast to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current with their mortgage, but property values have fallen. In these instances the "bargain" price may in fact be consistent with actual market values instead of below.

How do I buy a short sale?

  • Prior to making any purchase offers, do your homework. Using a knowledgeable real estate agent from LONE STAR HOME & LOAN to support your research of a property can help you make educated decisions. We can help reveal to whom the property is titled, the amount 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 real estate professional with short sale experience. The real estate agents at LONE STAR HOME & LOAN can help expedite the transaction and ensure that you're protected. Don't let inexperience hinder the closing process. Let our experience and knowledge work for you.

  • Even with an experienced real estate agent and under the best circumstances, buying a short sale property will probably take longer than a typical real estate transaction. Be informed that most 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. A lot of the time your offer will be sent to a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home protection warranties, buyer credits and allowances, and closing cost concessions are typically non-negotiable when dealing with a short sale. The lender will sell the property "as is" which means the lender isn't going to pay for repairs. Be sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At LONE STAR HOME & LOAN, when we write an offer, we're looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the outcome of the inspections.
When it's time to buy, whether it be a short sale or a typical home sale, LONE STAR HOME & LOAN is available for you. Apply our experience and knowledge of real estate to feel confident that you are getting a fair deal and remain protected during the entire matter.