Looking to buy a short sale?
A short sale means the seller's lender consents to accept a reduced payment to release a mortgage. If you have questions regarding real estate in Pembroke Pines, Florida, contact me here or e-mail me.
Are short sales good deals?
Occasionally. Most people hear the words "short sale" and automatically think of a seller that is in financial trouble and must sell their house fast to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of another's misfortune. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have depreciated. In these cases the reduced price may in fact be consistent with actual market values instead of below.
How do I buy a short sale?
Always do your homework before making any offers. Using a knowledgeable real estate agent from Viking Realty Group to assist you with researching a property will help you make informed decisions. We can help reveal to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this information can help you make a decision about how much to offer.
Hire an agent with short sale experience. The real estate agents at Viking Realty Group can aid you in expediting the transaction and make sure you're protected. Don't let inexperience impede the closing process. Put our knowledge and experience to 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 less than 30 days. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. In most cases your offer will be seen by a committee to approve or disapprove which will add time - sometimes even 2 to 3 months.
Home protection warranties, buyer credits and allowances, and closing cost concessions are usually non-negotiable when dealing with a short sale. The lender is selling the property as seen which means the lender will not be paying for repairs. Always reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Viking Realty Group, when we write an offer, we are looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the inspection results.
If you're ready to buy, whether it's a short sale or a typical home sale, Viking Realty Group can help. Utilize our experience and knowledge of real estate to be confident you are getting a fair deal and are protected during the entire process.