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Want to make a deal on a short sale?

When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale.

Purchasing a short sale in West Palm Beach, Florida on your own is risky. Contact Blue to Green Realty for expert advice.

Are short sales bargains?

From time to time, yes. Most people hear the words "short sale" and instinctively think of a seller that is insolvent and must sell their property promptly to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on another's misfortune. Alternatively, 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 reduced price may in fact be in line with current market values rather than below.

How do I buy a short sale?

  • Always do your research before making any offers. Using a qualified REALTOR® from Blue to Green Realty to assist you with researching a property can help you make informed 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. Acquiring this data can help you decide how much to offer.
  • Get an agent with short sale expertise. Blue to Green Realty can assist you in expediting the transaction and make sure you're protected. Don't allow inexperience to slow down the closing process. Let my experience and knowledge work for you.

  • 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. Know that a majority of short sales will not close in 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. It's not uncommon that your offer will be seen by a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are normally not up for negotiation when buying a short sale. The lender will be selling the property "as is" which means the lender won't be paying for repairs. Make sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Blue to Green Realty, when I write an offer, I will be looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the results of the inspections.
When it's time to buy, whether it be a short sale or a typical home sale, Blue to Green Realty is available for you. Use my experience and knowledge of real estate to feel confident that you're getting a fair deal and protect yourself during the full matter.