Looking to purchase a short sale?


	When a homeowner owes more on their home than its value, 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. For more information, simply contact me through my site or e-mail me. I'm happy to address any questions you have about real estate short sales.

Purchasing a short sale in Heathrow, Florida on your own is risky. Contact Stirling Sotheby's International Realty for expert advice.

Are they good deals?

More often, most people hear the phrase "short sale" and instinctively think of a seller that is in trouble and must sell their house quickly to avert further financial problems. This is often the case and can be an opportunity for a buyer to purchase a very good value. Alternatively, a lender may consider a short sale even if the seller is current, but property values have fallen. In cases such as these the reduced price may in fact be closer to actual market values instead of below.

What's involved in buying a short sale?

Always do your homework before making any offers. Using a qualified short sale expert such Sally Andy and David Warren from Stirling Sotheby's International Realty to assist you with researching a property will help you make educated decisions. We can help discover to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Locating this info can help you decide how much to offer.
Work with a team with extensive short sale knowledge and experience. Sally Andy and David Warren can help expedite the transaction and ensure that you're protected. Don't allow inexperience to hold up the closing process. Let our 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 usually take longer than a typical real estate transaction. Be informed that many 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 discounted price. In most cases your offer will be seen by a committee to approve which will add time - sometimes even 2 to 3 months (or possibly longer). We are starting to see more and more "Approved short sales" come available on the market and those usually mean that the lender has reviewed a previous offer and provided an approved response. Approved short sales can close significantly sooner than a traditional short sale and we can quickly sort through all of the short sale options available to focus on ones that are approved.
Home warranties, buyer credits and allowances, and closing cost concessions are normally not negotiable when buying a short sale however, we have had good success on behalf of our buyer clients on negotiating closing cost contributions and more and more lenders are now participating. The lender will sell the property "as-is" which means the lender will not be paying for repairs discovered during inspections. Make sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Stirling Sotheby's International Realty, when we write an offer, we're looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the outcome of the inspections.

When you're ready to buy, whether it is a short sale, bank owned, or a typical home sale, Sally Andy and David Warren of Stirling Sotheby's International Realty can help. Utilize our experience and knowledge of short sale transactions to be certain that you're getting a fair deal and protect yourself during the whole purchase transaction.