Want to purchase a short sale?
|When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale. For more information, simply contact me through my site or e-mail me. I'm happy to answer questions you have about real estate short sales.|
Can I get a good deal on a short sale?Every now and then a good deal will come along. Many people hear the words "short sale" and automatically think of a seller that is insolvent and needing to sell their house quickly to avert further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of another's misfortune. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In these instances the discounted price may in fact be consistent with true market values instead of below.
Are you ready to buy a short sale property?
- Before making any purchase offers, do your research. Using a knowledgeable REALTOR® from Miami New Realty to support your research of 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. Locating this info can help you determine how much to offer.
Hire a real estate professional with short sale experience. The real estate agents at Miami New Realty can aid you in expediting the transaction and ensure that you're protected. Don't let inexperience delay the closing process. Let our 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 probably take longer than a typical real estate transaction. Be aware that most short sales will not close in less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the discounted price. It's not uncommon that your offer will be sent to a committee to approve or disapprove which will add time - sometimes even 2 to 3 months.
- Home protection plans, buyer credits and allowances, and closing cost concessions are typically not up for negotiation when dealing with a short sale. The lender is selling the property as seen which means the lender will not be paying for repairs. Make sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Miami New Realty, when we write an offer, we will be looking out for your interests above all else and will always recommend that you make your offer contingent upon the inspection results.