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Want to buy a short sale?

A short sale means the seller's lender has agreed to accept a reduced sum to release a mortgage.

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

Are they good deals?

The short answer is "sometimes". Most people hear the term "short sale" and instinctively think of a seller that is in trouble and needing to sell their home quickly to avert further financial problems. This is occasionally 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 depreciated. In cases such as these the "bargain" price may in fact be in line with current market values rather than below.

What's involved in buying a short sale?

  • Always do your research before making any offers. Using a knowledgeable REALTOR® from Southdale Properties, Inc. to assist you with researching a property can help you make educated decisions. We can help learn to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining these facts can help you decide how much to offer.
  • Get a REALTOR® with short sale expertise. Southdale Properties, Inc. can aid you in expediting the transaction and make certain you're protected. Don't allow inexperience to impede the closing process. Let my experience and knowledge work in your favor.

  • Even with an experienced real estate agent and under the best of situations, buying a short sale property will usually take longer than a typical real estate transaction. Know that most 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 terms of the sale. A lot of the time 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 usually not negotiable when dealing with a short sale. The lender is selling the property "as is" which means the lender will not be paying for repairs. Always reserve the right to perform 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 foremost and will always suggest that you make your offer contingent upon the results of the inspections.
When you're ready to buy, whether it's a short sale or a typical home sale, Southdale Properties, Inc. is here to help. Use my experience and knowledge of real estate to be certain you're getting a fair deal and will be protected during the whole matter.