Ready to make a deal on a short sale?

	If a seller is upside down on their mortgage payments, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender consents to release the mortgage for an amount less than what's owed. Should you have any questions regarding real estate in Waterville, Maine, contact me here or e-mail me.

Are they good deals?

• Before making any purchase offers, do your homework. Using a knowledgeable real estate professional to help you research a property can help you make educated decisions. We can help learn 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 decide how much to offer.

• Use an agent with short sale expertise. I can help expedite the transaction and ensure that you're protected. Don't allow inexperience to slow down 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 generally take longer than a typical real estate transaction. Be aware that a majority of short sales will not close in less than 30 days. Remember that you're not only having to get approval from the seller, but the lender must also agree to the terms of the sale. It's not uncommon that your offer will go before 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 normally not negotiable when buying a short sale. The lender is selling the property "as is" which means the lender won't be paying for repairs. Always reserve the right to have inspections for pests, HVAC, electrical, and other critical areas.  When we write an offer, looking out for your interests first and foremost and will always advise you to make your offer contingent upon the outcome of the inspections.