Ready to purchase 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. If you have questions about real estate in West Palm Beach, Florida, contact me here or e-mail me.

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

Are they 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 default and needing to sell their home quickly to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most of another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In cases such as these the "bargain" price may in fact be consistent with actual market values, not below.

What's involved in buying a short sale?

  • Always do your research 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 reveal to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Getting this information can help you make a decision about how much to offer.
  • Get an agent with short sale knowledge. J. Briann Realty Group, Inc. can assist you in expediting the transaction and make certain you're protected. Don't let inexperience hold up 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 generally take longer than a typical real estate transaction. Be aware that many short sales will not close in less than 30 days. Remember that you're not only having to get approval from the seller, but the lender must also agree to the sale terms. In most cases your offer will be presented to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are normally non-negotiable when working with a short sale. The lender will sell the property "as is" which means the lender will not be paying for repairs. Make 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 advise you to make your offer contingent upon the outcome of the inspections.
When you are ready to buy, whether it's a short sale or a typical home sale, J. Briann Realty Group, Inc. is here to help. Apply my experience and knowledge of real estate to be confident that you are getting a fair deal and are protected during the complete deal.

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