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Ready to buy 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. For more information, just 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 short sales bargains?

The short answer is "sometimes". Many people hear the term "short sale" and automatically think of a seller that is in default and must sell their home promptly to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage of another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current, but property values have fallen. In cases such as these the discounted price may in fact be consistent with current market values, not below.

How do I buy a short sale?

  • Always do your research before making any offers. Using a knowledgeable REALTOR® from Coast to Coast Property Brokers to assist you with researching a property will 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. Getting this data can help you determine how much to offer.
  • Get a real estate agent with short sale experience. Coast to Coast Property Brokers can aid you in expediting the transaction and make certain you're protected. Don't let inexperience slow down 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 probably take longer than a typical real estate transaction. Be aware 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. A lot of the time your offer will be seen by 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 typically not up for negotiation when buying a short sale. The lender is selling the property as seen which means the lender isn't going to pay for repairs. Be sure to 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 will always suggest that you make your offer contingent upon the results of the inspections.
If you are ready to buy, whether it is 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 certain you are getting a fair deal and protect yourself during the complete transaction.