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Looking 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. Should you have any 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.

Can I get a good deal on a short sale?

From time to time, yes. Most people hear the words "short sale" and instinctively think of a seller that is insolvent and needing to sell their property fast 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 discounted price may in fact be closer to actual market values, not below.

What's involved in buying a short sale?

  • Always do your research before making any offers. Using an experienced real estate agent from Southdale Properties, Inc. to assist you with researching a property can help you make educated decisions. We can help reveal to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Finding these facts can help you make a decision about how much to offer.
  • Get a real estate professional with short sale knowledge. Southdale Properties, Inc. can aid you in expediting the transaction and ensure that you're protected. Don't let inexperience 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. Be aware that a majority of short sales will not close in the customary 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. 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 typically not up for negotiation when dealing with a short sale. The lender will sell the property "as is" which means the lender will not be paying for repairs. Make 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 will be looking out for your interests first and will always advise you to make your offer contingent upon the inspection results.
If you are ready to buy, whether it is a short sale or a typical home sale, Southdale Properties, Inc. can help you. Use my experience and knowledge of real estate to be confident that you are getting a fair deal and are protected during the complete matter.