Looking 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. Should you have any questions regarding real estate in Mifflintown, Pennsylvania, contact us here or e-mail us.

Purchasing a short sale in Mifflintown, Pennsylvania on your own is risky. Contact Jack Gaughen Network Services Hower & Associates for expert advice.

Can I get a bargain on a short sale?

Every now and then a good deal will come along. Many people hear the phrase "short sale" and routinely think of a seller that is in default and needs to sell their house fast to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to do well from another's misfortune. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In these instances the "bargain" price may in fact be closer to actual market values rather than below.

What's involved in buying a short sale?

  • Before you make any purchase offers, do your research. Using an experienced real estate agent from Jack Gaughen Network Services Hower & Associates to support your research of a property will help you make educated decisions. We can help discover to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this information can help you determine how much to offer.
  • Get a REALTOR® with short sale knowledge. The real estate agents at Jack Gaughen Network Services Hower & Associates can aid you in expediting the transaction and make sure you're protected. Don't let inexperience hold up the closing process. Put our experience and knowledge to 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 aware that a majority of 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 discounted price. Commonly, your offer will go before 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 working with a short sale. The lender will sell the property just the way it is which means the lender will not be paying for repairs. Be sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Jack Gaughen Network Services Hower & Associates, when we write an offer, we will be looking out for your interests first and foremost and will always advise you to make your offer contingent upon the inspection results.
If you are ready to buy, whether it be a short sale or a typical home sale, Jack Gaughen Network Services Hower & Associates is available for you. Use our experience and knowledge of real estate to make sure you are getting a fair deal and will be protected during the whole matter.