When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale. Should you have questions about real estate in Winter Park, Florida, contact me here or e-mail me.
Are short sales good deals?
Sometimes. Often times people hear the phrase "short sale" and instinctively think of a seller that is in trouble and needs to sell their property quickly 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. More commonly, a lender may consider a short sale even if the seller is current, but property values have depreciated. In cases such as these the reduced price may in fact be closer to current market values rather than below.
How do I buy a short sale?
Always do your research before making any offers. Using a knowledgeable REALTOR® like Amy Hodges from RE/MAX 200 Realty to assist you with researching a property will help you make informed 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. Acquiring this information can help you make a decision about how much to offer.
Get an agent with short sale experience. The real estate agents at RE/MAX 200 Realty can aid you in expediting the transaction and make certain you're protected. Don't let inexperience impede the closing process. Put our 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. Be aware that a majority of short sales will not close in 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the discounted price. A lot of the time 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 working with a short sale. The lender is selling the property as seen which means the lender won't be paying for repairs. Make sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At RE/MAX 200 Realty, when we write an offer, we will be looking out for your interests above all else and will always recommend that you make your offer contingent upon the inspection results.
When it is time to buy, whether it is a short sale or a typical home sale, Amy Hodges at RE/MAX 200 Realty can help you. Utilize our experience and knowledge of real estate to feel confident that you're getting a fair deal and remain protected during the entire process.
RE/MAX 200 Realty 954 S. Orlando Avenue Winter Park, FL 32789