If a homeowner is upside down on their mortgage payments, it's common for 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, simply call or text me at 305-588-9040 S.Fla; or 772-692-7848 Treasure Coast. You can also email me at
Nancy@NancyMagner.com . I'm glad to answer any questions you have about real estate short sales or foreclosures.
Are short sales good deals?
The answer is many times they are great deals. Most people hear the phrase "short sale" and instinctively think of a seller that is in financial trouble and needs to sell their property 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. Alternatively, 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 actual market values instead of below.
How do I buy a short sale?
- Prior to making any purchase offers, do your research. Using a qualified REALTOR® from Next Step Home.com to assist you with researching a property will help you make knowledgeable decisions. We can help learn to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Having these facts can help you make a decision about how much to offer.
- Hire a real estate professional with short sale experience. The real estate agents at Next Step Home.com can help expedite the transaction and ensure that you're protected. Don't permit inexperience to hold up the closing process. Let our experience and knowledge work in your favor.
- Even with an experienced real estate agent and under the best of situations, buying a short sale property will generally 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 get approval from the seller, but the lender must also agree to the terms of the sale. Commonly, your offer will go before a committee for approval which will add time - sometimes even 2 to 3 months. ***However, recently, we have had several short sales approved in 6-10 days and ready to close in 30 days!***
- Home warranties, buyer credits and allowances, and closing cost concessions are usually not negotiable when working with a short sale. There are times when the lender may pay up to 3% in closing costs. Each lender varies. The lender is selling the property "as is" which means the lender will not be paying for repairs. Always reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Next Step Home.com, when we write an offer, we will be looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the results of the inspections.
When you're ready to buy, whether it is a short sale, foreclosure or a typical home sale, Next Step Home.com can help. Use our experience and knowledge of real estate to feel confident you are getting a fair deal and remain protected during the complete process.
Nancy Magner, P.A.,CRS
Broker-Owner
305-588-9040 S. Fla.; 772-692-7848 Treasure Coast
