INFORMATION OF BUYING A SARASOTA FLORIDA SHORT SALE HOME OR CONDOMINIUM
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Want to make a deal on a short sale?
If a seller 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 agrees to release the mortgage for a sum less than what's due. Should you have questions about real estate in SARASOTA, Florida, contact me here or e-mail me.
Are short sales good deals? That depends on many factors including your pain threshold and patients !The short answer is "sometimes". Most people hear the phrase "short sale" and routinely think of a seller that is in default and needs to sell their property fast to avoid further financial problems. This is sometimes 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 with their mortgage, but property values have depreciated. In these instances the "bargain" price may in fact be consistent with actual market values, not below.Are you ready to buy a short sale property?
Before you make any purchase offers knowledgeable call PETE MARRIOTT AND BILL GARRISON to help you research a property.They can help you make educated decisions. We can help find out to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Getting this info can help you decide how much to offer.
Get a real estate agent with short sale knowledge. PETE MARRIOTT AND BILL GARRISON can assist you in expediting the transaction and make certain you're protected. Don't permit 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 probably take longer than a typical real estate transaction. Know that a majority of short sales will not close in 120 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the discounted price. In most cases your offer will be presented to a committee to approve or disapprove which will add time - sometimes even 2 to 3 months.
FORGET ABOUT IT... Home warranties, buyer credits and allowances, and closing cost concessions are normally non-negotiable when buying a short sale. The lender will be selling the property as seen which means the lender won't be paying for repairs. Make sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At PETE MARRIOTT AND BILL GARRISON, when we write an offer, we're looking out for your interests above all else and will always suggest that you make your offer contingent upon the inspection results.When you're ready to buy, whether it be a short sale or a typical home sale, PETE MARRIOTT AND BILL GARRISON can help. Use our experience and knowledge of real estate to make sure that you are getting a fair deal and protect yourself during the complete process.
