Ready to purchase a short sale?


	If a homeowner owes more on their home than its value, they can sometimes get the lender to agree to a short sale, whereby the lender agrees to release the mortgage for a sum less than what's owed. For more information, just contact me through my site or e-mail me. I'm glad to answer any questions you have about real estate short sales.

Purchasing a short sale in Hollywood, Florida on your own is risky. Contact RE/MAX Allstars for expert advice.

Are short sales bargains?

Sometimes. Most people hear the words "short sale" and instinctively think of a seller that is in default and needing to sell their house promptly to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on another's misfortune. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In these cases the discounted price may in fact be in line with true market values, not below.

How do I buy a short sale?

Prior to making any purchase offers, do your research. Using an experienced REALTOR^® from RE/MAX Allstars to help you research a property can help you make knowledgeable decisions. We can help discover to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Having this information can help you decide how much to offer.
Hire a real estate professional with short sale experience. The real estate agents at RE/MAX Allstars can help expedite the transaction and ensure that you're protected. Don't allow inexperience to slow down the closing process. Let our 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 many short sales will not close in 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the terms of the sale. It's not uncommon that your offer will be sent 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 up for negotiation when dealing with a short sale. The lender is selling the property "as is" which means the lender will not be paying for repairs. Make sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At RE/MAX Allstars, when we write an offer, we are looking out for your interests first and will always suggest that you make your offer contingent upon the outcome of the inspections.

If you are ready to buy, whether it be a short sale or a typical home sale, RE/MAX Allstars is available for you. Utilize our experience and knowledge of real estate to feel confident you are getting a fair deal and protect yourself during the full process.