Want to buy a short sale?

When a homeowner is upside down on their mortgage payments, they can sometimes get the lender to agree to a short sale, whereby the lender agrees to release the mortgage for an amount less than what's due. Should you have any 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 good deal on a short sale?

Every now and then a good deal will come along. Most people hear the phrase "short sale" and routinely think of a seller that is in financial trouble and needs to sell their property quickly to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to do well from another's misfortune. In contrast, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In cases such as these the reduced 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 a knowledgeable real estate professional from J. Briann Realty Group, Inc. to help you research a property can help you make knowledgeable 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 information can help you decide how much to offer.
  • Get an agent with short sale expertise. J. Briann Realty Group, Inc. can help expedite the transaction and make certain you're protected. Don't permit inexperience to impede the closing process. Let my experience and knowledge 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 a majority of short sales will not close in less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the sale terms. Commonly, your offer will be presented to a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are usually not negotiable when dealing with a short sale. The lender will sell the property "as is" which means the lender isn't going to pay for repairs. Make sure to 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'm looking out for your interests first and will always advise you to make your offer contingent upon the outcome of the inspections.
When you are ready to buy, whether it be a short sale or a typical home sale, J. Briann Realty Group, Inc. can help. Use my experience and knowledge of real estate to be certain you're getting a fair deal and are protected during the entire matter.

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