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Looking to make a deal on a short sale?

When a seller owes more on their home than its value, they can sometimes get the lender to agree to a short sale, whereby the lender agrees to release the mortgage for an amount less than what's owed.

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

Are they good deals?

Sometimes. Often times people hear the phrase "short sale" and routinely think of a seller that is in default and needs 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 is current, but property values have depreciated. In these instances the "bargain" price may in fact be in line with true market values, not below.

How do I buy a short sale?

  • Always do your homework before making any offers. Using a knowledgeable REALTOR® from Mia Howe Realty to help you research 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 information can help you determine how much to offer.
  • Use a real estate professional with short sale knowledge. Mia Howe Realty can aid you in expediting the transaction and make sure you're protected. Don't permit inexperience to delay the closing process. Put my knowledge and experience to work for you.

  • 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 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. Commonly, 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 non-negotiable when working with a short sale. The lender is selling the property "as is" 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 am looking out for your interests first and will always recommend that you make your offer contingent upon the inspection results.
If you're ready to buy, whether it is a short sale or a typical home sale, Mia Howe Realty can help you. Utilize my experience and knowledge of real estate to be confident that you are getting a fair deal and protect yourself during the whole deal.