Want to purchase 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. For more information, simply contact me through my site or e-mail me. I'm happy to answer any questions you have about real estate short sales.

Purchasing a short sale in Norman, Oklahoma on your own is risky. Contact Centennial Real Estate 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 term "short sale" and automatically think of a seller that is insolvent and must sell their property quickly to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current, but property values have declined. In cases such as these the "bargain" price may in fact be in line with current market values instead of below.

How do I buy a short sale?

Before you make any purchase offers, do your homework. Using a qualified REALTOR^® from Centennial Real Estate to assist you with researching a property can 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. Having these facts can help you decide how much to offer.
Get a REALTOR^® with short sale experience. The real estate agents at Centennial Real Estate can assist you in expediting the transaction and make sure you're protected. Don't let inexperience slow down the closing process. Let our experience and knowledge work for you.
Even in the best of situations and with an experienced real estate agent, buying a short sale property will probably take longer than a typical real estate transaction. Be informed that many short sales will not close in the customary 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the discounted price. In most cases your offer will go before 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 non-negotiable when working with a short sale. The lender will be selling the property just the way it is which means the lender won't be paying for repairs. Be sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Centennial Real Estate, when we write an offer, we will be looking out for your interests first and will always suggest that you make your offer contingent upon the results of the inspections.

When you are ready to buy, whether it be a short sale or a typical home sale, Centennial Real Estate can help you. Utilize our experience and knowledge of real estate to feel confident that you're getting a fair deal and are protected during the full process.