Ready to buy a short sale?

If a seller is upside down on their mortgage payments, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender agrees to release the mortgage for an amount less than what's owed. 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 good deals?

Every now and then a good deal will come along. Most people hear the term "short sale" and routinely think of a seller that is in trouble and needs to sell their house quickly to avert further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of 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 cases such as these the reduced price may in fact be in line with true market values rather than below.

Are you ready to buy a short sale property?

  • Always do your homework before making any offers. Using an experienced REALTOR® from Mia Howe Realty to help you research a property can help you make informed decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Finding these facts can help you make a decision about how much to offer.
  • Hire a real estate professional with short sale expertise. Mia Howe Realty can help expedite the transaction and ensure that you're protected. Don't permit inexperience to slow down the closing process. Put my knowledge and experience to work for you.

  • 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. Know that many short sales will not close in 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. It's not uncommon that your offer will go before a committee for approval, 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 buying a short sale. The lender will sell the property as seen which means the lender isn't going to pay for repairs. Be sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Mia Howe Realty, when I write an offer, I'm looking out for your interests first and will always suggest that you make your offer contingent upon the results of the inspections.
When it's time to buy, whether it be a short sale or a typical home sale, Mia Howe Realty can help you. Utilize my experience and knowledge of real estate to feel confident you are getting a fair deal and are protected during the full deal.