Purchasing or selling your Tucumcari home

Ready to buy a short sale?

If a homeowner owes more on their house than its value, they can sometimes get 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 Tucumcari, New Mexico on your own is risky. Contact McElroy & Associates for expert advice.

Are short sales bargains?

Sometimes. Most people hear the words "short sale" and routinely think of a seller that is in financial trouble and needing to sell their property fast to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to cash in on another's misfortune. More commonly, a lender may consider a short sale even if the seller is current, but property values have declined. In these cases the discounted price may in fact be in line with true market values, not below.

How do I buy a short sale?

Always do your research before making any offers. Using a qualified real estate agent from McElroy & Associates to support your research of a property will help you make educated 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 information can help you determine how much to offer.
Get a real estate professional with short sale experience. McElroy & Associates can help expedite the transaction and ensure that you're protected. Don't let inexperience impede the closing process. Put my knowledge and experience to work for you.
Even with an experienced real estate agent and under the best circumstances, buying a short sale property will generally take longer than a typical real estate transaction. Be informed that a majority of short sales will not close in 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 terms of the sale. Commonly, your offer will be sent to a committee to approve, which will add time - sometimes even 2 to 3 months.
Home warranties, buyer credits and allowances, and closing cost concessions are usually not negotiable when dealing with a short sale. The lender will be 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 have inspections for pests, HVAC, electrical, and other critical areas. At McElroy & Associates, when I write an offer, I am looking out for your interests first and will always recommend that you make your offer contingent upon the results of the inspections.

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

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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