Looking to purchase a short sale?


	A short sale is when the homeowner's lender agrees to collect a reduced amount to release a mortgage. Should you have questions about real estate in Plantation, Florida, contact me here or e-mail me.

Purchasing a short sale in Plantation, Florida on your own is risky. Contact South Florida REO Inc. for expert advice.

Are they good deals?

From time to time, yes. Often times people hear the term "short sale" and routinely think of a seller that is in trouble and needs to sell their house promptly to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to cash in on another's misfortune. More commonly, a lender may consider a short sale even if the seller is current, but property values have depreciated. In these cases the discounted price may in fact be consistent with actual market values, not below.

How do I buy a short sale?

Before you make any purchase offers, do your research. Using an experienced REALTOR^® from South Florida REO Inc. to assist you with researching a property can help you make educated decisions. We can help learn to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this information can help you make a decision about how much to offer.
Get a real estate professional with short sale knowledge. The real estate agents at South Florida REO Inc. can aid you in expediting the transaction and make sure you're protected. Don't let inexperience delay the closing process. Put our experience and knowledge to work in your favor.
Even with an experienced real estate agent and under the best of situations, buying a short sale property will usually take longer than a typical real estate transaction. Be informed that many short sales will not close in the customary 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 sale terms. It's not uncommon that your offer will be sent to a committee to approve which will add time - sometimes even 2 to 3 months.
Home protection warranties, buyer credits and allowances, and closing cost concessions are normally not negotiable when dealing with a short sale. The lender will be selling the property "as is" which means the lender isn't going to pay for repairs. Make sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At South Florida REO Inc., when we write an offer, we're looking out for your interests first and foremost and will always advise you to make your offer contingent upon the results of the inspections.

When it is time to buy, whether it is a short sale or a typical home sale, South Florida REO Inc. is available for you. Utilize our experience and knowledge of real estate to be certain that you're getting a fair deal and remain protected during the complete purchase transaction.