Want to purchase a short sale?

When a homeowner is upside down on their mortgage payments, 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 owed.

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. Many people hear the phrase "short sale" and automatically think of a seller that is in financial trouble and needing to sell their home fast 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. On the other hand, 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 reduced price may in fact be consistent with actual market values instead of below.

How do I buy a short sale?

  • Always do your homework before making any offers. Using a qualified REALTOR® from Coast to Coast Property Brokers to assist you with researching a property can help you make educated decisions. We can help discover to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Finding this data can help you decide how much to offer.
  • Hire a REALTOR® with short sale expertise. Coast to Coast Property Brokers can assist you in expediting the transaction and make certain you're protected. Don't let inexperience delay the closing process. Let my experience and knowledge work in your favor.

  • Even with an experienced real estate agent and under the best of situations, buying a short sale property will generally take longer than a typical real estate transaction. Know that most short sales will not close in the customary 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. A lot of the time your offer will be seen by 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 not negotiable when buying a short sale. The lender will sell the property "as is" 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 first and will always advise you to make your offer contingent upon the outcome of the inspections.
When you are ready to buy, whether it be 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 be confident that you're getting a fair deal and protect yourself during the whole matter.