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Looking to purchase a short sale?

When a homeowner owes more on their home 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 a sum less than what's due. For more information, you can contact me through my site or e-mail me. I'm happy to answer questions you have regarding real estate short sales.

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?

Occasionally. Often times people hear the term "short sale" and automatically think of a seller that is in financial trouble and needs to sell their house promptly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most of another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current with their mortgage, but property values have declined. In cases such as these the reduced price may in fact be in line with current market values, not below.

What's involved in buying a short sale?

  • Always do your research before making any offers. Using a qualified real estate agent from Coast to Coast Property Brokers to assist you with researching a property can help you make knowledgeable decisions. We can help reveal to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Locating this data can help you make a decision about how much to offer.
  • Use a real estate professional with short sale knowledge. Coast to Coast Property Brokers can aid you in expediting the transaction and make sure you're protected. Don't allow inexperience to impede the closing process. Let my experience and knowledge 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 aware 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. A lot of the time your offer will be sent to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are typically non-negotiable when buying a short sale. The lender will sell the property as seen 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 Coast to Coast Property Brokers, when I write an offer, I am looking out for your interests above all else and will always recommend that you make your offer contingent upon the outcome of the inspections.
If you're ready to buy, whether it is a short sale or a typical home sale, Coast to Coast Property Brokers can help. Apply my experience and knowledge of real estate to be certain that you are getting a fair deal and remain protected during the complete deal.