Ready to buy a short sale?

When a lender and a seller agree to release a mortgage for an amount less than what's owed on a house, it's called a short sale.

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

Are short sales bargains?

The short answer is "sometimes". Many people hear the term "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 sometimes 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 is current with their mortgage, but property values have fallen. In these instances the discounted price may in fact be closer to true market values rather than below.

How do I buy a short sale?

  • Always do your homework before making any offers. Using a knowledgeable real estate agent from Coast to Coast Property Brokers to support your research of a property will help you make informed decisions. We can help find out to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this info can help you decide how much to offer.
  • Hire a real estate agent with short sale expertise. Coast to Coast Property Brokers can help expedite the transaction and make sure you're protected. Don't permit inexperience to delay the closing process. Let my experience and knowledge 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 most 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 terms of the sale. Commonly, your offer will be seen by a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home protection plans, buyer credits and allowances, and closing cost concessions are usually not negotiable when dealing with a short sale. The lender will be selling the property just the way it is which means the lender will not be paying for repairs. Be sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Coast to Coast Property Brokers, when I write an offer, I'm looking out for your interests first and foremost and will always advise you to make your offer contingent upon the inspection results.
When it's time to buy, whether it be a short sale or a typical home sale, Coast to Coast Property Brokers can help. Utilize my experience and knowledge of real estate to be certain you are getting a fair deal and will be protected during the whole deal.