Short Sale Buyer

Looking to make a deal on a short sale?

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

Are they good deals?

 

Occasionally. Most people hear the term “short sale” and routinely think of a seller that is insolvent and needs to sell their home quickly to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to cash in on another’s misfortune. Alternatively, a lender may consider a short sale even if the seller is current, but property values have fallen. In cases such as these the reduced price may in fact be closer to actual market values instead of below.

How do I buy a short sale?

  • Always do your research before making any offers. Using a knowledgeable real estate professional from BuyFloridaRealty to support your research of a property can help you make informed decisions. We can help learn to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Getting this information can help you decide how much to offer.
  • Get a REALTOR® with short sale expertise. The real estate agents at BuyFloridaRealty can aid you in expediting the transaction and make certain you’re protected. Don’t allow inexperience to hinder the closing process. Let our experience and knowledge 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 aware that many short sales will not close in 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 to approve which will add time – sometimes even 2 to 3 months.
  • Home protection warranties, buyer credits and allowances, and closing cost concessions are typically not negotiable when dealing with a short sale. The lender will sell the property just the way it is which means the lender will not be paying for repairs. Make sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At BuyFloridaRealty, when we write an offer, we’re looking out for your interests above all else and will always suggest that you make your offer contingent upon the results of the inspections.

If you’re ready to buy, whether it is a short sale or a typical home sale, Buy FloridaRealty can help you. Apply our experience and knowledge of real estate to be certain you’re getting a fair deal and remain protected during the full transaction.