Looking to buy a short sale?

When a lender and a seller agree to release a mortgage for an amount less than what's owed on a house, it's called a short sale. For more information, you can contact me through my site or e-mail me. I'm glad to address questions you have regarding real estate short sales.

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

Can I get a bargain on a short sale?

From time to time, yes. Many people hear the term "short sale" and instinctively think of a seller that is in default and needing to sell their home quickly to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to cash in on another's misfortune. Alternatively, 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 reduced price may in fact be closer to true market values rather than below.

Are you ready to buy a short sale property?

  • Always do your homework before making any offers. Using a qualified real estate professional from Mia Howe Realty to assist you with researching a property can help you make knowledgeable decisions. We can help find out to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Having this information can help you make a decision about how much to offer.
  • Use a REALTOR® with short sale experience. Mia Howe Realty can aid you in expediting the transaction and make sure you're protected. Don't let inexperience slow down the closing process. Put my experience and knowledge to work in your favor.

  • Even in the best of situations and with an experienced real estate agent, buying a short sale property will usually 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. It's not uncommon that your offer will be seen by 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 generally not up for negotiation when buying a short sale. The lender will sell the property "as is" which means the lender will not be paying for repairs. Make sure you reserve the right to have the property inspected 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 foremost and will always advise you to make your offer contingent upon the results of the inspections.
If you are ready to buy, whether it is a short sale or a typical home sale, Mia Howe Realty can help. Utilize my experience and knowledge of real estate to be confident you're getting a fair deal and are protected during the entire purchase transaction.