Purchasing or selling your Tucumcari home

Want to make a deal on a short sale?

When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on a house, it's called a short sale.

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

Are they good deals?

Occasionally. Many people hear the term "short sale" and automatically think of a seller that is in financial trouble and needs to sell their house quickly to prevent further financial problems. This is occasionally 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 isn't delinquent with their payments, but property values have declined. In these cases the "bargain" price may in fact be closer to current market values rather than below.

What's involved in buying a short sale?

Always do your research before making any offers. Using a qualified real estate agent from McElroy & Associates to help you research a property can help you make knowledgeable decisions. We can help discover to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this data can help you make a decision about how much to offer.
Use a REALTOR^® with short sale knowledge. McElroy & Associates can help expedite the transaction and ensure that you're protected. Don't allow inexperience to impede 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 usually take longer than a typical real estate transaction. Be aware that a majority of 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 sale terms. In most cases your offer will be presented to a committee for approval, which will add time - sometimes even 2 to 3 months.
Home protection warranties, buyer credits and allowances, and closing cost concessions are normally non-negotiable when buying a short sale. The lender will sell the property as seen which means the lender won't be paying for repairs. Always reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At McElroy & Associates, when I write an offer, I'm looking out for your interests first and will always suggest that you make your offer contingent upon the inspection results.

When it's time to buy, whether it be a short sale or a typical home sale, McElroy & Associates is here to help. Apply my experience and knowledge of real estate to make sure that you're getting a fair deal and remain protected during the complete 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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