Looking to buy a short sale?

A short sale happens when the homeowner's lender consents to get a reduced amount to release a mortgage. If you have any questions about 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 for expert advice.

Can I get a good deal on a short sale?

Sometimes. Often times people hear the words "short sale" and instinctively think of a seller that is in trouble and needing to sell their property promptly to avoid further financial problems. This is sometimes 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 with their mortgage, but property values have fallen. In these cases the discounted price may in fact be consistent with actual market values rather than below.

What's involved in buying a short sale?

  • Prior to making any purchase offers, do your research. Using a qualified REALTOR® from Mia Howe to support your research of a property can help you make knowledgeable decisions. We can help reveal to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Having this info can help you decide how much to offer.
  • Hire a real estate professional with short sale expertise. Mia Howe can assist you in expediting the transaction and make sure you're protected. Don't allow inexperience to delay 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 probably take longer than a typical real estate transaction. Be informed that most short sales will not close in less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the sale terms. A lot of the time your offer will be sent to a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home protection warranties, buyer credits and allowances, and closing cost concessions are typically not up for negotiation when buying a short sale. The lender is selling the property just the way it is which means the lender won't be paying for repairs. Make sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Mia Howe, when I write an offer, I'm looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the results of the inspections.
When you're ready to buy, whether it's a short sale or a typical home sale, Mia Howe is available for you. Utilize my experience and knowledge of real estate to make sure that you are getting a fair deal and remain protected during the full transaction.

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