Want to make a deal on a short sale?

When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on a house, it's called a short sale. For more information, just contact me through my site or e-mail me. I'm glad to address questions you have about real estate short sales.

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?

Occasionally. Most people hear the phrase "short sale" and instinctively think of a seller that is in financial trouble and must sell their home promptly to avoid further financial problems. This is sometimes 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 instances the reduced price may in fact be closer to actual market values, not below.

How do I buy a short sale?

  • Always do your research before making any offers. Using an experienced real estate professional from Southdale Properties, Inc. to support your research of a property will help you make educated decisions. We can help discover to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Finding these facts can help you decide how much to offer.
  • Get a real estate agent with short sale expertise. Southdale Properties, Inc. can help expedite the transaction and ensure that you're protected. Don't permit inexperience to hinder the closing process. Put my experience and knowledge to work in your favor.

  • 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. Know that most short sales will not close in 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. Commonly, your offer will be sent to a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are normally non-negotiable when working with a short sale. The lender will be selling the property "as is" which means the lender won't be paying for repairs. Be sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Southdale Properties, Inc., when I write an offer, I'm looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the outcome of the inspections.
When it is time to buy, whether it's a short sale or a typical home sale, Southdale Properties, Inc. can help. Utilize my experience and knowledge of real estate to be certain you are getting a fair deal and remain protected during the whole process.