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Want to buy a short sale?

If a homeowner owes more on their home than its value, 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 due. If you have any questions regarding real estate in Orlando, Florida, contact me here or e-mail me.

Purchasing a short sale in Orlando, Florida on your own is risky. Contact Sunstar Realty Inc. for expert advice.

Can I get a bargain on a short sale?

Occasionally. Many people hear the term "short sale" and routinely think of a seller that is insolvent and must sell their house quickly to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current, but property values have declined. In cases such as these the reduced price may in fact be in line with actual market values instead of below.

Are you ready to buy a short sale property?

  • Before making any purchase offers, do your homework. Using an experienced real estate professional from Sunstar Realty Inc. to help you research 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. Acquiring this information can help you make a decision about how much to offer.
  • Use a REALTOR® with short sale experience. Sunstar Realty Inc. can assist you in expediting the transaction and make certain 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 of situations, buying a short sale property will generally take longer than a typical real estate transaction. Know 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 terms of the sale. In most cases your offer will go before a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home protection warranties, buyer credits and allowances, and closing cost concessions are usually not negotiable when working with a short sale. The lender is selling the property just the way it is which means the lender isn't going to pay for repairs. Be sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Sunstar Realty Inc., when I write an offer, I am looking out for your interests above all else and will always suggest that you make your offer contingent upon the outcome of the inspections.
If you are ready to buy, whether it's a short sale or a typical home sale, Sunstar Realty Inc. can help you. Utilize my experience and knowledge of real estate to make sure that you're getting a fair deal and will be protected during the full deal.

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