757-671-3343

Want to buy a short sale?

When a seller owes more on their house than its value, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender agrees to release the mortgage for an amount less than what's owed.

Purchasing a short sale in Virginia Beach, Virginia on your own is risky. Contact Rose & Womble Realty for expert advice.

Are they good deals?

Occasionally. Many people hear the words "short sale" and instinctively think of a seller that is in default and needing to sell their home promptly to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of another's misfortune. On the other hand, 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 discounted price may in fact be closer to current market values instead of below.

How do I buy a short sale?

  • Before you make any purchase offers, do your research. Using an experienced real estate professional from Rose & Womble Realty to help you research a property will help you make informed 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. Getting this information can help you decide how much to offer.
  • Use a real estate agent with short sale expertise. Rose & Womble Realty can assist you in expediting the transaction and make sure you're protected. Don't permit inexperience to hold up the closing process. Let my experience and knowledge work in your favor.

  • Even in the best of situations and with an experienced real estate agent, buying a short sale property will generally 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 sale terms. Commonly, your offer will be seen by a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are typically not negotiable when dealing with a short sale. The lender will sell the property as seen which means the lender isn't going to pay for repairs. Be sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Rose & Womble Realty, when I write an offer, I am looking out for your interests first and will always advise you to make your offer contingent upon the inspection results.
When you're ready to buy, whether it's a short sale or a typical home sale, Rose & Womble Realty is here to help. Apply my experience and knowledge of real estate to be confident that you're getting a fair deal and will be protected during the entire purchase transaction.

Looking to Sell?

Are you looking to sell your house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

Your Information
Some Details