Looking to make a deal on a short sale?

When a homeowner is upside down on their mortgage payments, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender consents to release the mortgage for an amount less than what's owed.

Purchasing a short sale in Lake Worth, Florida on your own is risky. Contact Southdale Properties, Inc. for expert advice.

Are short sales good deals?

The short answer is "sometimes". Often times people hear the term "short sale" and automatically think of a seller that is in financial trouble and needing to sell their house promptly to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to do well from another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current with their mortgage, but property values have fallen. In cases such as these the discounted price may in fact be in line with actual market values, not below.

What's involved in buying a short sale?

  • Before making any purchase offers, do your homework. Using a knowledgeable REALTOR® from Southdale Properties, Inc. to assist you with researching a property can help you make informed decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this info can help you make a decision about how much to offer.
  • Use a real estate agent with short sale experience. Southdale Properties, Inc. can aid you in expediting the transaction and make certain you're protected. Don't permit inexperience to slow down the closing process. Let my experience and knowledge work for you.

  • Even with an experienced real estate agent and under the best of situations, buying a short sale property will probably take longer than a typical real estate transaction. Be informed 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 sent 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 usually not up for negotiation when working 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. Be sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Southdale Properties, Inc., when I write an offer, I will be looking out for your interests first and will always recommend that you make your offer contingent upon the results of the inspections.
When it's time to buy, whether it is a short sale or a typical home sale, Southdale Properties, Inc. can help you. Apply my experience and knowledge of real estate to be confident you are getting a fair deal and are protected during the whole process.