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Want 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 the property, it's called a short sale. Should 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.

Can I get a bargain on a short sale?

From time to time, yes. Most people hear the phrase "short sale" and instinctively think of a seller that is insolvent and must sell their house fast to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have fallen. In these instances the discounted price may in fact be in line with current market values rather than below.

What's involved in buying a short sale?

  • Always do your research before making any offers. Using a qualified real estate professional from J. Briann Realty Group, Inc. to help you research a property can help you make informed 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. Finding this data can help you make a decision about how much to offer.
  • Get a real estate agent with short sale expertise. J. Briann Realty Group, Inc. can help expedite the transaction and make certain you're protected. Don't allow inexperience to impede the closing process. Let my experience and knowledge 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 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 sale terms. Commonly, your offer will be presented to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
  • Home protection plans, buyer credits and allowances, and closing cost concessions are normally not up for negotiation when buying a short sale. The lender will be selling the property just the way it is which means the lender will not be paying for repairs. Make sure you reserve the right to have inspections 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 will always suggest that you make your offer contingent upon the outcome of the inspections.
When it is time to buy, whether it be a short sale or a typical home sale, J. Briann Realty Group, Inc. is here to help. Utilize my experience and knowledge of real estate to be certain you are getting a fair deal and protect yourself during the entire purchase transaction.

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