Often times people hear the words “short sale” and automatically think of a seller that is in default and needs to sell their property quickly to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of another’s misfortune. On the other hand, 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 discounted price may in fact be closer to actual market values, not below.
Are you ready to buy a short sale property?
Always do your homework before making any offers. Using an experienced real estate professional from SWFL Realty Group to assist you with researching a property can help you make knowledgeable decisions. We can help reveal to whom the property is titled, the balance still 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.
Hire a real estate agent with short sale knowledge. The real estate agents at SWFL Realty Group 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 in your favor.
Even with an experienced real estate agent and under the best circumstances, buying a short sale property will probably take longer than a typical real estate transaction. Know that many 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 terms of the sale. A lot of the time your offer will be seen by 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 generally non-negotiable 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 have inspections for pests, HVAC, electrical, and other critical areas. At SWFL Realty Group, when we write an offer, we’re looking out for your interests first and foremost and will always advise you to make your offer contingent upon the inspection results.
When you are ready to buy, whether it is a short sale or a typical home sale, SWFL Realty Group is available for you. Apply our experience and knowledge of real estate to feel confident that you’re getting a fair deal and are protected during the full transaction.