Looking to purchase a short sale?

When a seller is upside down on their mortgage payments, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender agrees to release the mortgage for a sum less than what's due. If you have questions about real estate in Lake Worth, Florida, contact me here or e-mail me.

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?

Every now and then a good deal will come along. Often times people hear the words "short sale" and automatically think of a seller that is in financial trouble and must sell their property promptly to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of another's misfortune. More commonly, a lender may consider a short sale even if the seller is current, but property values have fallen. In these cases the reduced price may in fact be in line with actual market values instead of below.

Are you ready to buy a short sale property?

  • Always do your research before making any offers. Using a knowledgeable real estate agent from Southdale Properties, Inc. to help you research 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. Locating this data can help you determine how much to offer.
  • Hire a real estate agent with short sale knowledge. Southdale Properties, Inc. can help expedite the transaction and ensure that you're protected. Don't let inexperience hold up the closing process. Let my experience and knowledge work for you.

  • Even with an experienced real estate agent and under the best circumstances, buying a short sale property will usually 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. In most cases your offer will go before 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 generally not negotiable when working with a short sale. The lender is selling the property just the way it is which means the lender won't be paying for repairs. Make sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Southdale Properties, Inc., when I write an offer, I am looking out for your interests first and foremost and will always advise you to make your offer contingent upon the results of the inspections.
When it's time to buy, whether it's a short sale or a typical home sale, Southdale Properties, Inc. can help. Apply my experience and knowledge of real estate to be certain you are getting a fair deal and are protected during the complete deal.