Ready to buy a short sale?


	If 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 a sum less than what's owed. Should you have questions regarding real estate in Miami Lakes, Florida, contact me here or e-mail me.

Purchasing a short sale in Miami Lakes, Florida on your own is risky. Contact Principal Realty, Inc. for expert advice.

Can I get a bargain on a short sale?

Every now and then a good deal will come along. Often times people hear the phrase "short sale" and instinctively think of a seller that is in trouble and needing to sell their property fast to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on another's misfortune. In contrast, a lender may consider a short sale even if the seller is current with their mortgage, but property values have declined. In these cases the "bargain" price may in fact be closer to actual market values, not below.

How do I buy a short sale?

Prior to making any purchase offers, do your research. Using a knowledgeable REALTOR^® from Principal Realty, Inc. to support your research of a property can help you make knowledgeable decisions. We can help discover to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Getting this info can help you make a decision about how much to offer.
Get a real estate agent with short sale knowledge. The real estate agents at Principal Realty, Inc. can help expedite the transaction and ensure that you're protected. Don't let inexperience slow down 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 aware that many short sales will not close in the customary 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the terms of the sale. In most cases your offer will be seen by a committee to approve which will add time - sometimes even 2 to 3 months.
Home protection warranties, buyer credits and allowances, and closing cost concessions are normally not negotiable when buying a short sale. The lender will sell the property just the way it is which means the lender won't be paying for repairs. Always reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Principal Realty, Inc., when we write an offer, we will be looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the inspection results.

When it's time to buy, whether it's a short sale or a typical home sale, Principal Realty, Inc. is here to help. Use our experience and knowledge of real estate to be confident you are getting a fair deal and will be protected during the whole deal.