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Looking to buy a short sale?

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

Purchasing a short sale in West Palm Beach, Florida on your own is risky. Contact J. Briann Realty Group, Inc. for expert advice.

Are short sales bargains?

Every now and then a good deal will come along. Often times people hear the term "short sale" and instinctively think of a seller that is in default and needing to sell their home fast to avert further financial problems. This is occasionally 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 these cases the reduced 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 real estate professional from J. Briann Realty Group, Inc. to assist you with researching a property will help you make educated decisions. We can help discover to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring these facts can help you decide how much to offer.
  • Hire a real estate agent with short sale expertise. J. Briann Realty Group, Inc. can help expedite the transaction and make sure you're protected. Don't let inexperience hinder the closing process. Let my experience and knowledge work for you.

  • Even with an experienced real estate agent and under the best of situations, buying a short sale property will usually take longer than a typical real estate transaction. Know that a majority of short sales will not close in the customary 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the terms of the sale. Commonly, your offer will be seen by a committee to approve, which will add time - sometimes even 2 to 3 months.
  • Home protection plans, buyer credits and allowances, and closing cost concessions are usually non-negotiable when dealing with a short sale. The lender will be selling the property as seen which means the lender will not be paying for repairs. Be sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At J. Briann Realty Group, Inc., when I write an offer, I am looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the inspection results.
When it is time to buy, whether it is a short sale or a typical home sale, J. Briann Realty Group, Inc. is available for you. Use my experience and knowledge of real estate to be certain that you're getting a fair deal and are protected during the whole transaction.

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