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 consents to release the mortgage for an amount less than what's oid. For more information, just contact me through our site or e-mail me. We'm glad to address any questions you have regarding real estate short sales.

Purchasing a short sale in Brownwood, Texas on your own is risky. Contact LONE STAR HOME & LOAN for expert advice.

Are short sales good deals?

Occasionally. Often times people hear the term "short sale" and instinctively think of a seller that is in trouble and needing to sell their house fast to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these cases the reduced price may in fact be consistent with true market values rather than below.

What's involved in buying a short sale?
  • Always do your research before making any offers. Using a knowledgeable REALTOR® from LONE STAR HOME & LOAN to assist you with researching a property can help you make informed decisions. We can help reveal to whom the property is titled, how much is oid to the lender, and whether or not a foreclosure notice has been filed. Having this data can help you make a decision about how much to offer.
  • Hire a real estate professional with short sale experience. The real estate agents at LONE STAR HOME & LOAN can assist you in expediting the transaction and make certain you're protected. Don't permit inexperience to impede the closing process. Put our experience and knowledge to work in your favor.

  • Even in the best of situations and with an experienced real estate agent, buying a short sale property will usually take longer than a typical real estate transaction. Be aware that most short sales will not close in less than 30 days. 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 usually not up for negotiation when buying a short sale. The lender will sell the property as seen which means the lender isn't going to pay for repairs. Make sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At LONE STAR HOME & LOAN, when i write an offer, i will be looking out for your interests first and will always advise you to make your offer contingent upon the results of the inspections.
If you are ready to buy, whether it is a short sale or a typical home sale, LONE STAR HOME & LOAN is here to help. Use our experience and knowledge of real estate to be confident you are getting a fair deal and protect yourself during the whole deal.



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