Derek's Blog

When shopping for a home in the real estate market many buyers and sellers are confused about short sales.  Many buyers are seeing very low  listing prices and make an offer only to find out later that the home actually wasn't able to be sold for the listing price.  Short sales have to be approved by the mortgage company even after the seller accepts an offer from a buyer.   The short sale process can take between 30-90 days to close on a property and many times the offer price will be countered by the bank prior to acceptance of the offer later on in the process. 

Many times you can get a good deal buying a short sale property. But you have to be willing to wait out the process and be prepared that you may not get the property.  There are ways to avoid short sales that are not "Lender Approved". Talk to your real estate professional and ask the right questions...for example:  "Is this short sale Lender Approved?" (meaning the bank has agreed that the property can be sold as a short sale).   Work with a company who has dealt with short sales and someone who can help you through the short sale process.

If you would like additional information concerning short sales, please contact me at (843)655-5777 or email me at derek.heppe@remax.net.  I am proud to say that RE/MAX Beach & Country handles and specializes in short sales and foreclosures and that our broker holds the Certified Distressed Property Expert Designation  as well as the REO Designation.