Want to purchase a short sale?


	If a seller 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. If you have any questions about real estate in Palm Beach Gardens, Florida, contact me here or e-mail me.

Purchasing a short sale in Palm Beach Gardens, Florida on your own is risky. Contact Prudential Florida Realty for expert advice.

Are short sales bargains?

Occasionally. Many people hear the phrase "short sale" and instinctively think of a seller that is insolvent and needs to sell their property fast to avert further financial problems. This is at times the case and can be an opportunity for a buyer to make the most 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 these cases the "bargain" price may in fact be consistent with current market values, not below.

How do I buy a short sale?

Always do your research before making any offers. Using an experienced real estate professional from Prudential Florida Realty to support your research of a property will help you make educated 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. Locating these facts can help you determine how much to offer.
Use a real estate professional with short sale experience. The real estate agents at Prudential Florida Realty can aid you in expediting the transaction and make certain you're protected. Don't permit inexperience to delay the closing process. Let our experience and knowledge work for you.
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 getting approval from the seller, but the lender must also agree to the sale terms. A lot of the time 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 buying a short sale. The lender will be selling the property "as is" which means the lender won't be paying for repairs. Make sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Prudential Florida Realty, when we write an offer, we will be looking out for your interests above all else and will always recommend that you make your offer contingent upon the outcome of the inspections.

When it is time to buy, whether it's a short sale or a typical home sale, Prudential Florida Realty can help you. Utilize our experience and knowledge of real estate to feel confident you are getting a fair deal and remain protected during the whole purchase transaction.