Buying a Short Sale in Orlando & Central Florida
Looking to purchase a short sale in Orlando or Central Florida?
A short sale happens when the homeowner's lender consents to accept a reduced amount to release a mortgage. If you have questions about real estate in Orlando or throughout Central Florida, contact us Sue King of Sue King, Realtor® at Greater Orlando Realty USA, Inc.
Purchasing a short sale in Orlando and Central Florida on your own is risky. Contact us for expert advice.
Can I get a good deal on a short sale?
The short answer is "sometimes". Often times people hear the term "short sale" and instinctively think of a seller that is in financial trouble and needs to sell their property fast to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to do well from another's misfortune. More commonly, a lender may consider a short sale even if the seller is current, but property values have declined. In cases such as these the reduced price may in fact be closer to current market values rather than below.
Are you ready to buy a short sale property?
Always do your research before making any offers. Using a qualified REALTOR® from Sue King, Realtor® at Greater Orlando Realty Realty USA, Inc. to support your research of a property will help you make knowledgeable decisions. We can help find out to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this information can help you decide how much to offer.
Hire a real estate professional with short sale knowledge. The real estate agents at Sue King, Realtor® at Greater Orlando Realty Realty USA, Inc. Group can help expedite the transaction and ensure that you're protected. Don't allow inexperience to delay the closing process. Put our knowledge and experience to work for you.
Even with an experienced real estate agent and under the best of situations, buying a short sale property will usually take longer than a typical real estate transaction. Be informed that most short sales will not close in the customary 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 sale terms. A lot of the time your offer will go before a committee for approval, which will add time - sometimes even 2 to 3 months.
Home protection plans, buyer credits and allowances, and closing cost concessions are typically not negotiable when working with a short sale. The lender will sell the property just the way it is which means the lender won't be paying for repairs. Be sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Sue King, Realtor® at Greater Orlando Realty Realty Group when we write an offer, we are looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the results of the inspections.
If you are ready to buy, whether it be a short sale or a typical home sale, Sue King, Realtor® at Greater Orlando Realty Realty USA, Inc. can help. Apply our experience and knowledge of real estate to be certain that you are getting a fair deal and are protected during the whole matter.