Looking to buy a short sale?
|A short sale happens when the propety owner's lender consents to accept a reduced amount to release a mortgage. If you have any questions about commercial real estate in Daytona Beach, Florida, contact us here or e-mail us.|
Are they good deals?Sometimes. Many people hear the words "short sale" and routinely think of a seller that is in default and must sell their house promptly to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage of 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 cases the reduced price may in fact be consistent with true market values instead of below.
What's involved in buying a short sale?
- Always do your homework before making any offers. Using a knowledgeable real estate agent from Realty Pros Commercial to support your research of a property will help you make educated decisions. We can help learn 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 info can help you decide how much to offer.
Hire a REALTOR® with short sale expertise. The real estate agents at Realty Pros Commercial can aid you in expediting the transaction and ensure that you're protected. Don't allow inexperience to impede the closing process. Put our knowledge and experience to 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 less than 30 days. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. Commonly, your offer will be seen by a committee to approve or disapprove which will add time - sometimes even 2 to 3 months.
- Buyer credits and allowances, and closing cost concessions are generally non-negotiable when working with a short sale. The lender will sell the property just the way it is which means the lender won't be paying for repairs. Make sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Realty Pros Commercial, when we write an offer, we will be looking out for your interests first and foremost and will always advise you to make your offer contingent upon the inspection results.