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Want to buy a short sale?

When a lender and a seller agree to release a mortgage for an amount less than what's owed on a house, it's called a short sale.

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

Can I get a bargain on a short sale?

Every now and then a good deal will come along. Most people hear the phrase "short sale" and routinely think of a seller that is in financial trouble and must sell their property fast to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to cash in on another's misfortune. More commonly, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In these cases the discounted price may in fact be closer to true market values rather than below.

How do I buy a short sale?

  • Always do your homework before making any offers. Using a knowledgeable REALTOR® from Southdale Properties, Inc. to support your research of a property can help you make educated decisions. We can help reveal to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Finding this data can help you decide how much to offer.
  • Use an agent with short sale knowledge. Southdale Properties, Inc. can aid you in expediting the transaction and make certain you're protected. Don't allow inexperience to slow down the closing process. Put my experience and knowledge to work in your favor.

  • 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. Know that a majority of 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 discounted price. Commonly, your offer will be presented to a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home protection plans, buyer credits and allowances, and closing cost concessions are normally not negotiable when buying a short sale. The lender is selling the property just the way it is which means the lender isn't going to pay for repairs. Be sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Southdale Properties, Inc., when I write an offer, I'm looking out for your interests above all else and will always advise you to make your offer contingent upon the results of the inspections.
If you are ready to buy, whether it be a short sale or a typical home sale, Southdale Properties, Inc. can help. Apply my experience and knowledge of real estate to make sure that you're getting a fair deal and protect yourself during the full process.