Before You Buy a Short Sale Home

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short-sale2_900Some buyers opt to pursue short sales to get a good deal. But sometimes, some deals are too good to be true. When you see a property listed at a price that ™s too low for the neighborhood, ask your agent to call the listing agent to find out if the home is a short sale.

Always ask your agent ™s opinion about a short sale. You might have second thoughts in the long run. It ™s not as simple as you want to believe and very few can close in less than 30 days. In fact, some short sales in Florida can reach up to 6 months before closing.

What is a Short Sale?

A short sale happens when a seller ™s lender is accepting a discounted payoff to release an existing mortgage. Even if a seller accepts your offer, you ™d still need to get the approval of the lender. Keep in mind that a seller doesn ™t have to be in default before a lender considers a short sale. A lender can consider a short sale if the property value has fallen even if the seller is current. The seller might realize he owes more than how much the home is worth so a discounted price might bring the price equal to its estimated market value.

Do Your Research!

Always check public records before making an offer to purchase. Simply ask your agent to find out who is in title and whether or not a foreclosure notice has been filed. Finally, find out how much is owed by the seller to the lender. This might seem a lot of work but this provides you with the necessary information on how much to offer.

Work with Real Estate Company with Plenty of Short Sale Experience

An agent with experience in short sales will do wonders for you. Not only could he expedite the transaction, he can also protect your interests. It ™s definitely a big issue to miss out on any important details which were overlooked due to an agent ™s inexperience.

For real estate services including (but not limited to) buying or selling a short sale home, don ™t hesitate to contact Lanham & Associates, Inc. to find out what options they have available for you.

Posted by on July 17, 2013