Want to purchase 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. If you have any questions regarding real estate in Miami, Florida, contact me here or e-mail me.|
Are they good deals?Every now and then a good deal will come along. Many people hear the words "short sale" and routinely think of a seller that is in default and needs to sell their house quickly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage of another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current, but property values have fallen. In cases such as these the reduced price may in fact be in line with true market values rather than below.
What's involved in buying a short sale?
- Before making any purchase offers, do your homework. Using a qualified REALTOR® from Barreiro's Realty Services, inc. to help you research a property can help you make educated decisions. We can help learn to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Finding this data can help you make a decision about how much to offer.
Get a real estate agent with short sale expertise. The real estate agents at Barreiro's Realty Services, inc. can aid you in expediting the transaction and make certain you're protected. Don't let inexperience impede the closing process. Let our experience and knowledge 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. Know 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 terms of the sale. In most cases your offer will be sent to a committee to approve which will add time - sometimes even 2 to 3 months.
- Home warranties, buyer credits and allowances, and closing cost concessions are typically non-negotiable when buying a short sale. The lender will be selling the property just the way it is which means the lender won't be paying for repairs. Be sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Barreiro's Realty Services, inc., when we write an offer, we're looking out for your interests above all else and will always suggest that you make your offer contingent upon the results of the inspections.