Ready to buy a short sale?


	If a seller is upside down on their mortgage payments, they can sometimes get the lender to agree to a short sale, whereby the lender agrees to release the mortgage for a sum less than what's due. Should you have questions about real estate in Winter Park, Florida, contact me here or e-mail me.

Purchasing a short sale in Winter Park, Florida on your own is risky. Contact RE/MAX 200 Realty for expert advice.

Can I get a bargain on a short sale?

The short answer is "sometimes". Many people hear the words "short sale" and automatically think of a seller that is in default and needs to sell their property quickly to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on another's misfortune. On the other hand, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In cases such as these the discounted price may in fact be in line with actual market values, not below.

How do I buy a short sale?

Prior to making any purchase offers, do your research. Using a qualified real estate professional from RE/MAX 200 Realty to help you research a property can help you make knowledgeable decisions. We can help find out to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Getting this information can help you decide how much to offer.
Use a real estate professional with short sale expertise. The real estate agents at RE/MAX 200 Realty can assist you in expediting the transaction and ensure that you're protected. Don't allow inexperience to delay the closing process. Put our knowledge and experience to work for you.
Even with an experienced real estate agent and under the best circumstances, buying a short sale property will generally take longer than a typical real estate transaction. Know that a majority of short sales will not close in 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. Commonly, your offer will go before a committee for approval which will add time - sometimes even 2 to 3 months.
Home warranties, buyer credits and allowances, and closing cost concessions are usually non-negotiable when dealing with a short sale. The lender is selling the property just the way it is which means the lender won't be paying for repairs. Make sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At RE/MAX 200 Realty, when we write an offer, we're looking out for your interests first and foremost and will always advise you to make your offer contingent upon the results of the inspections.

When you're ready to buy, whether it be a short sale or a typical home sale, RE/MAX 200 Realty can help you. Use our experience and knowledge of real estate to feel confident you're getting a fair deal and remain protected during the full purchase transaction.