Windermere Can Help If you are considering buying a short sale property, we can help you understand your options and guide you through what may be unfamiliar territory so that you can make the decision that is best for you.
What is a Short Sale? A short sale occurs when a homeowner and the bank agree to sell a home for less than is actually owed on the property. The bank makes more than it might through foreclosure, and the homeowner is able to settle their debt and avoid the negative effects that can result from the foreclosure process.
Buying a Short Sale Short sales can offer significant savings since they usually sell for wellunder the median home price. In 2011, the typical short sale home sold for about 18 percent less than a non-distressed, median-priced home. Before making any offers on a short sale property, you will need to make sure your pre-approved and contingency-free. Sellers in these situations are usually only willing to consider offers from well-qualified buyers. One advantage of buying short sales over foreclosure properties is that the condition of short sale homes is usually much better because the owner has a vested interest in the sale.
Be Aware The name "short sale" is deceiving, as it can take several months to process the paperwork and get all parties to agree to the terms (longer even than a bank-owned transaction). One way to speed up a short sale is if the seller works through the Federal Home Affordable Foreclosure Alternatives program, which can be effective at holding everyone (includinglenders) accountable to a pre-established timeline.
Getting Professional Help If you are considering purchasing a short sale, being well informed is key since these are complex transactions. You’ll want an experienced real estate agent to help you assess any properties and determine a fair offer price. Whatever your situation and goals, the vast resources of the Windermere network allow us to provide the appropriate expertise to achieve the best outcome for you.
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