Ready to purchase a short sale?

When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale.

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

Are short sales bargains?

From time to time, yes. Most people hear the term "short sale" and instinctively think of a seller that is in default and needing to sell their house promptly to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. More commonly, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have depreciated. In these cases the reduced price may in fact be in line with true market values instead of below.

What's involved in buying a short sale?

  • Before you make any purchase offers, do your homework. Using a qualified real estate agent from Mia Howe to help you research a property can help you make knowledgeable 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 data can help you make a decision about how much to offer.
  • Use an agent with short sale experience. Mia Howe can aid you in expediting the transaction and ensure that you're protected. Don't allow inexperience to impede the closing process. Let my experience and knowledge work in your favor.

  • Even with an experienced real estate agent and under the best of situations, buying a short sale property will generally take longer than a typical real estate transaction. Know that most short sales will not close in the customary 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. A lot of the time 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 generally not negotiable when buying a short sale. The lender is selling the property as seen which means the lender won't be paying for repairs. Make sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Mia Howe, 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, Mia Howe can help you. Use my experience and knowledge of real estate to feel confident you are getting a fair deal and remain protected during the complete deal.

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