When a homeowner owes more on their house than its value, they can sometimes get the lender to agree to a short sale, whereby the lender consents to release the mortgage for a sum less than what's owed.
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.
Can I get a bargain on a short sale?
The short answer is "sometimes". Most people hear the term "short sale" and instinctively think of a seller that is in default 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 make the most of another's misfortune. More commonly, a lender may consider a short sale even if the seller is current with their mortgage, but property values have fallen. In cases such as these the "bargain" price may in fact be in line with current market values instead of below.
Are you ready to buy a short sale property?
Before making any purchase offers, do your research. Using a qualified REALTOR® from RE/MAX of Stuart to support your research of a property can help you make informed decisions. We can help find out to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Getting this info can help you determine how much to offer.
Use an agent with short sale knowledge. The real estate agents at RE/MAX of Stuart can assist you in expediting the transaction and make certain you're protected. Don't allow inexperience to impede the closing process. Put our knowledge and experience to work for you.
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 informed that most short sales will not close in the customary 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. It's not uncommon that your offer will be presented to a committee to approve which will add time - sometimes even 2 to 3 months.
Home protection plans, buyer credits and allowances, and closing cost concessions are typically non-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 RE/MAX of Stuart, when we write an offer, we will be looking out for your interests first and will always advise you to make your offer contingent upon the outcome of the inspections.
If you are ready to buy, whether it's a short sale or a typical home sale, RE/MAX of Stuart can help you. Apply our experience and knowledge of real estate to be certain that you're getting a fair deal and protect yourself during the entire matter.
Together we can turn for sale into "S O L D"
RE/MAX of Stuart 729 S Federal Hwy Suite 100 Stuart, FL 34994
