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Looking to purchase a short sale?

When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on the property, 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 they good deals?

Sometimes. Most people hear the term "short sale" and automatically think of a seller that is in financial trouble and needs to sell their house fast to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to cash in on 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 "bargain" price may in fact be in line with actual market values instead of below.

Are you ready to buy a short sale property?

  • Always do your homework before making any offers. Using a knowledgeable real estate professional from J. Briann Realty Group, Inc. to help you research a property will help you make informed 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. Finding this information can help you decide how much to offer.
  • Use a REALTOR® with short sale expertise. J. Briann Realty Group, Inc. can assist you in expediting the transaction and make sure you're protected. Don't let inexperience impede the closing process. Put my experience and knowledge to work in your favor.

  • Even with an experienced real estate agent and under the best circumstances, buying a short sale property will probably take longer than a typical real estate transaction. Be aware that most short sales will not close in the customary 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the discounted price. It's not uncommon that your offer will go before a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home protection plans, buyer credits and allowances, and closing cost concessions are typically not negotiable when dealing with a short sale. The lender is selling the property as seen which means the lender will not be paying for repairs. Make sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At J. Briann Realty Group, Inc., when I write an offer, I will be looking out for your interests first and will always advise you to make your offer contingent upon the results of the inspections.
If you're ready to buy, whether it is 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 feel confident that you're getting a fair deal and protect yourself during the whole matter.

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