Ready to purchase a short sale?

A short sale means the seller's lender has agreed to accept a reduced amount to release a mortgage.

Purchasing a short sale in Winter Park, Florida on your own is risky. Contact RE/MAX 200 Realty for expert advice.

Can I get a good deal on a short sale?

Occasionally. Often times people hear the phrase "short sale" and instinctively think of a seller that is in default and needing to sell their house promptly to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current, but property values have fallen. In these cases the discounted price may in fact be closer to actual market values rather than below.

What's involved in buying a short sale?

  • Always do your research before making any offers. Using a qualified real estate professional from RE/MAX 200 Realty to support your research of a property can help you make knowledgeable decisions. We can help learn to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this info can help you determine how much to offer.
  • Get a REALTOR® with short sale expertise. RE/MAX 200 Realty can assist you in expediting the transaction and make certain you're protected. Don't permit inexperience to hold up the closing process. Let my experience and knowledge work in your favor.

  • Even in the best of situations and with an experienced real estate agent, buying a short sale property will generally take longer than a typical real estate transaction. Know that a majority of short sales will not close in 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. Commonly, your offer will be sent to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
  • Home protection warranties, buyer credits and allowances, and closing cost concessions are normally non-negotiable when working with a short sale. The lender will sell the property as seen which means the lender isn't going to pay for repairs. Be sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At RE/MAX 200 Realty, when I write an offer, I will be looking out for your interests above all else and will always advise you to make your offer contingent upon the results of the inspections.
When it's time to buy, whether it is a short sale or a typical home sale, RE/MAX 200 Realty is here to help. Apply my experience and knowledge of real estate to be confident that you're getting a fair deal and will be protected during the full transaction.

by David Welch
Orlando Real Estate