Looking to make a deal on a short sale?

When a lender and a homeowner 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 questions regarding real estate in Fort Walton Beach, Florida, contact me here or e-mail me.

Purchasing a short sale in Fort Walton Beach, Florida on your own is risky. Contact Coast to Coast Property Brokers for expert advice.

Are they good deals?

The short answer is "sometimes". Often times people hear the phrase "short sale" and routinely think of a seller that is insolvent and needs to sell their property quickly to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on another's misfortune. More commonly, 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 reduced price may in fact be consistent with actual market values rather than below.

What's involved in buying a short sale?

  • Always do your research before making any offers. Using a qualified REALTOR® from Coast to Coast Property Brokers to help you research a property can help you make knowledgeable decisions. We can help reveal to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this info can help you make a decision about how much to offer.
  • Get an agent with short sale expertise. Coast to Coast Property Brokers can assist you in expediting the transaction and make sure you're protected. Don't permit inexperience to hold up the closing process. Put my experience and knowledge to work in your favor.

  • Even in the best of situations and with an experienced real estate agent, buying a short sale property will generally take longer than a typical real estate transaction. Be informed that most short sales will not close in the customary 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the sale terms. It's not uncommon that your offer will be presented to 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 generally not negotiable when buying a short sale. The lender is selling the property just the way it is which means the lender isn't going to pay for repairs. Make sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Coast to Coast Property Brokers, when I write an offer, I am looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the results of the inspections.
If you are ready to buy, whether it's a short sale or a typical home sale, Coast to Coast Property Brokers is available for you. Utilize my experience and knowledge of real estate to make sure you're getting a fair deal and protect yourself during the full deal.