Buying A Short Sale in Central Florida!

In Central Florida, half of the home sales are from distressed property owners and banks. Buying a short sale is not a bad thing in fact it could save you a tremendous amount of money. However, before you make an offer make sure you understand that the process to purchase could take months (4-6 months depending on the bank), so time needs to be on your side. If you need to move quickly then a home being sold short is probably not the right transaction for you. Here are some important things to know/consider:

- Hire an agent with experience!
If you don’t then you are already delaying the process and you haven’t even started.

- Make sure the seller can actually sell!
Be aware that just because a property is listed for short sale doesn’t actually mean that the lender has approved the borrower to sell the home short.

- Have a pre-approval letter from a lender!
Banks want to know that the buyer of the short sale has financing lined up – without the pre-approved letter the process could be held up even longer.

- Give the lender at least 45 days to respond!
Make sure the lender has enough time to respond to your request AND that you leave yourself the ability to cancel the contract after the time has expired.

- You are purchasing the property ‘as-is’!
Reserve the right for inspection because most lenders will not be coming out of pocket for home warranties or termite bonds.

- Check the clerk of courts!
Foreclosure documents are public record so check to see if there are multiple lien holders – if there are the process could take even longer if the seller’s agent is inexperienced.

A quick way to guarantee the smoothest transaction possible is to hire a Realtor with the designation of ‘Certified Distressed Property Expert’ (CDPE). Even if the seller’s Realtor doesn’t have this designation at least you know agent has been educated and trained in the art of short sales.

J.D.A.

Contact Us and let us know the details of your next home purchase and we will help you find it!

To Search Central Florida Homes/Bank Owned or Short Sale absolutely Free visit www.ItsYourSale.com