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Looking to make a deal on a short sale?

When a homeowner owes more on their house than its value, they can sometimes get the lender to agree to a short sale, whereby the lender consents to release the mortgage for a sum less than what's owed. For more information, you can contact me through my site or e-mail me. I'm glad to address any questions you have regarding real estate short sales.

Purchasing a short sale in Lakeland, Florida on your own is risky. Contact Exit Realty of Lakeland for expert advice.

Can I get a bargain on a short sale?

The short answer is "sometimes". Most people hear the term "short sale" and routinely think of a seller that is in trouble and needing to sell their house promptly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to make the most of another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current, but property values have fallen. In these cases the discounted price may in fact be consistent with current market values, not below.

What's involved in buying a short sale?

  • Before you make any purchase offers, do your homework. Using a knowledgeable real estate agent from Exit Realty of Lakeland to assist you with researching a property will help you make educated 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. Getting these facts can help you make a decision about how much to offer.
  • Get a REALTOR® with short sale knowledge. Exit Realty of Lakeland can aid you in expediting the transaction and make sure you're protected. Don't allow inexperience to impede the closing process. Put my experience and knowledge to work in your favor.

  • Even in the best of situations and with an experienced real estate agent, buying a short sale property will generally take longer than a typical real estate transaction. Be aware that many short sales will not close in 30 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. Commonly, your offer will go before a committee to approve, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are normally not negotiable when buying a short sale. The lender will sell the property "as is" which means the lender isn't going to pay for repairs. Always reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Exit Realty of Lakeland, when I write an offer, I am looking out for your interests above all else and will always suggest that you make your offer contingent upon the outcome of the inspections.
When it is time to buy, whether it be a short sale or a typical home sale, Exit Realty of Lakeland can help. Apply my experience and knowledge of real estate to be confident that you're getting a fair deal and are protected during the full deal.

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