Want to purchase a short sale?

If a homeowner owes more on their house than its value, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender agrees to release the mortgage for an amount less than what's due. Should you have any questions regarding 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.

Are they good deals?

From time to time, yes. Many people hear the words "short sale" and automatically think of a seller that is in trouble 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. In contrast, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In cases such as these the reduced price may in fact be consistent with true market values rather than below.

What's involved in buying a short sale?

  • Always do your homework before making any offers. Using a qualified real estate agent from Southdale Properties, Inc. 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. Finding these facts can help you determine how much to offer.
  • Use an agent with short sale expertise. Southdale Properties, Inc. can aid you in expediting the transaction and make certain you're protected. Don't let inexperience hinder the closing process. Put my 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 less than 30 days. 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. A lot of the time your offer will go before a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
  • Home protection plans, buyer credits and allowances, and closing cost concessions are typically not negotiable when dealing with a short sale. The lender will sell the property "as is" which means the lender isn't going to pay for repairs. Make sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Southdale Properties, Inc., when I write an offer, I am looking out for your interests above all else and will always suggest that you make your offer contingent upon the inspection results.
If you're ready to buy, whether it is a short sale or a typical home sale, Southdale Properties, Inc. is available for you. Apply my experience and knowledge of real estate to be confident you're getting a fair deal and remain protected during the whole process.