Purchasing or selling your Tucumcari home

Looking to purchase a short sale?

When 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 due. Should you have questions regarding real estate in Tucumcari, New Mexico, contact me here or e-mail me.

Purchasing a short sale in Tucumcari, New Mexico on your own is risky. Contact McElroy & Associates for expert advice.

Are short sales good deals?

The short answer is "sometimes". Most people hear the term "short sale" and instinctively think of a seller that is in trouble and needs to sell their property quickly to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to do well from another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have fallen. In cases such as these the "bargain" price may in fact be closer to actual market values instead of below.

What's involved in buying a short sale?

Always do your homework before making any offers. Using a qualified real estate professional from McElroy & Associates to assist you with researching a property will help you make educated decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this data can help you decide how much to offer.
Get a real estate professional with short sale expertise. McElroy & Associates can assist you in expediting the transaction and make sure you're protected. Don't let inexperience delay the closing process. Put my knowledge and experience to work for you.
Even in the best of situations and with an experienced real estate agent, buying a short sale property will usually 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 getting approval from the seller, but the lender must also agree to the discounted price. In most cases your offer will go before a committee for approval, which will add time - sometimes even 2 to 3 months.
Home protection plans, buyer credits and allowances, and closing cost concessions are usually not up for negotiation when buying a short sale. The lender will be selling the property as seen which means the lender won't be paying for repairs. Make sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At McElroy & Associates, when I write an offer, I will be looking out for your interests first and will always suggest that you make your offer contingent upon the inspection results.

When it is time to buy, whether it's a short sale or a typical home sale, McElroy & Associates can help. Utilize my experience and knowledge of real estate to make sure you're getting a fair deal and protect yourself during the whole deal.

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.

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