Looking to buy a short sale?

If a homeowner owes more on their home than its value, they can sometimes get the lender to agree to a short sale, whereby the lender consents to release the mortgage for a sum less than what's owed.

Purchasing a short sale in Elizabethtown, Kentucky on your own is risky. Contact Gold Star Realty for expert advice.

Can I get a bargain on a short sale?

Every now and then a good deal will come along. Most people hear the phrase "short sale" and instinctively think of a seller that is insolvent and needing to sell their house fast to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have declined. In cases such as these the reduced price may in fact be in line with actual market values rather than below.

Are you ready to buy a short sale property?

  • Always do your research before making any offers. Using a qualified real estate professional from Gold Star Realty to support your research of a property can help you make educated decisions. We can help find out to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Having this data can help you make a decision about how much to offer.
  • Use a real estate agent with short sale expertise. The real estate agents at Gold Star Realty can assist you in expediting the transaction and make sure you're protected. Don't let inexperience impede the closing process. Let our experience and knowledge work for you.

  • Even with an experienced real estate agent and under the best of situations, buying a short sale property will usually take longer than a typical real estate transaction. Be aware that many short sales will not close in the customary 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. In most cases your offer will be presented to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are usually non-negotiable when working with a short sale. The lender is selling the property just the way it is which means the lender isn't going to pay for repairs. Be sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Gold Star Realty, when we write an offer, we're looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the results of the inspections.
When you're ready to buy, whether it be a short sale or a typical home sale, Gold Star Realty is here to help. Use our experience and knowledge of real estate to be confident you are getting a fair deal and protect yourself during the complete matter.

Looking to Buy?

Are you looking to buy a 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