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In today's real estate market, you don't have to look very far to find
a short sale. In my area of Palm Beach County, Florida it is not
uncommon for one to find a development with 50% to 70% of the homes on
the market listed as a short sale. The good news is that banks are
getting better at handling the large volume of distressed property
sales. However, the bad news is that these transactions have many more
pitfalls then a traditional home sale. I will address the five things
you need to know when buying a short sale that will help you throughout
the buying process.
First thing you must know is...
The first and one of the most important things to know about buying a
distressed property is the experience of the agents involved. The
listing agent is responsible for the pricing strategy, submitting the
paperwork to the bank for approval and advising the homeowner
throughout the process. Having a listing agent experienced with short
sales will go a long way in improving the odds that the home owner will
be approved for a short sale transaction and then close the deal.
Having your agent, also known as the buyer’s agent, familiar with the
short sale process is also an important factor. An experienced buyers
agent will know which questions to ask the listing agent to help guide
you through the process and improve the likelihood of the deal reaching
the closing table. Second thing you must know is...
The second question you need to consider, what is your time frame? If
you were my client and you told me that you would like to be in a house
in 30-45 days, I would tell you maybe a short sale might not be for
you. However, there are certain situations when read full article...
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