Looking to make a deal on a short sale?

A short sale happens when the homeowner's lender consents to get a reduced payoff to release a mortgage. Should you have questions regarding real estate in Sugarloaf Key, Florida, contact me here or e-mail me.

Purchasing a short sale in Sugarloaf Key, Florida on your own is risky. Contact Mia Howe Realty for expert advice.

Are short sales bargains?

Every now and then a good deal will come along. Most people hear the phrase "short sale" and automatically think of a seller that is in financial trouble and needs to sell their home fast to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to cash in on another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current, but property values have declined. In cases such as these the reduced price may in fact be in line with current market values rather than below.

How do I buy a short sale?

  • Always do your research before making any offers. Using a qualified REALTOR® from Mia Howe Realty to help you research a property will help you make informed decisions. We can help reveal to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Getting these facts can help you determine how much to offer.
  • Use an agent with short sale experience. Mia Howe 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 for you.

  • 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. Know that a majority of short sales will not close in less than 30 days. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. A lot of the time your offer will be presented to a committee to approve, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are typically not negotiable when dealing with a short sale. The lender will sell the property just the way it is 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 Mia Howe Realty, when I write an offer, I am looking out for your interests first and will always advise you to make your offer contingent upon the results of the inspections.
When it is time to buy, whether it's a short sale or a typical home sale, Mia Howe Realty is here to help. Use my experience and knowledge of real estate to be confident you are getting a fair deal and protect yourself during the full purchase transaction.