Buying a short sale in Wilmington, NC, or anywhere for that matter, is not as simple as a usual real estate transaction, and those aren’t exactly easy-breezy themselves. Not any real estate agent can help you with a short sale either; you’ll want to make sure you’re working with an experienced short sale agent. (Call Nilesh at 910-622-0319 for one of those if you’re in Wilmington, Leland or the surrounding areas).
Even though you’ll definitely want to have some help, we’ll outline the process of buying a short sale in Wilmington, NC here for you.
Find a short sale
Obviously, the first thing you’ll need to do is find a short sale to buy. You can look on this website, search popular online real estate listing websites or even check courthouse records to find pre-foreclosures.
A downside to short sales is that they’ve often been somewhat neglected and will need a little fixing up. Make sure you are able to get a good look at the house to gauge how much money and effort you’ll need to put into it. You’ll also want to find out what you can about the house and the seller. What is the property worth? Are there liens on the property?
You’ll want to make sure your financing is lined up once you’ve settled on how much you want to spend on the short sale home. Once the agreement is done lenders want to move along quickly to sell the home, sometimes closing in as little as three weeks. If you don’t have all your money lined up, you might miss out.
Talk to the lender
When getting in touch with the lender, make sure you’re not talking to the collections department- their only concern is getting back lost money. The department you’re looking for might be called loss mitigation or recovery. Either way, make sure you’ve got signed (preferably notarized) permission from the current homeowner to discuss their mortgage with their lender. The lender may have a short sale application for you to sign.
Propose and negotiate
There’s a lot that goes into the short sale proposal, and this is one of the areas where a short sale expert will help you out. We won’t go into all the details here, but there will be a package ranging from the sales contract to the settlement statement. Once that’s submitted, the lender will probably reject your offer and give you a counteroffer. Make sure you have your negotiation tactics ready, including knowing the max you’re willing to pay for the short sale property.
Once everything has been agreed upon between yourself, the seller and the lender you sign some papers, shuffle some money around and congrats: you’ve got a new home at a discounted price!
This is, of course, just a brief overview of the process of buying a short sale. A lo of complications can arise throughout, and moving quickly, as we said before, is essential. If you’re interested in buying a short sale in Wilmington, NC, Nilesh will be glad to help. Give him a call at 910-622-0319.