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Looking to buy a short sale?

If a homeowner is upside down on their mortgage payments, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender consents to release the mortgage for a sum less than what's owed. For more information, you can contact me through my site or e-mail me. I'm glad to answer any questions you have about real estate short sales.

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 good deals?

From time to time, yes. Many people hear the words "short sale" and routinely think of a seller that is in default and must sell their property fast to prevent 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 cases such as these the "bargain" price may in fact be in line with true market values instead of below.

How do I buy a short sale?

  • Always do your research before making any offers. Using an experienced real estate agent from J. Briann Realty Group, Inc. to assist you with researching a property can help you make knowledgeable decisions. We can help find out to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Getting this information can help you decide how much to offer.
  • Hire a real estate professional with short sale expertise. J. Briann Realty Group, Inc. can aid you in expediting the transaction and ensure that 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 generally take longer than a typical real estate transaction. Be informed that many short sales will not close in 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 seen by a committee to approve, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are normally not up for negotiation when dealing with a short sale. The lender is selling the property as seen which means the lender isn't going to pay 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 will always suggest that you make your offer contingent upon the results of the inspections.
If you are ready to buy, whether it's a short sale or a typical home sale, J. Briann Realty Group, Inc. can help. Utilize my experience and knowledge of real estate to make sure you're getting a fair deal and protect yourself during the full transaction.

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