Buyers
Buying Short Sales
What is a Short Sale?
A short sale is a sale that takes place for less than the mortgage payoff. The lender must agree to the sale. Lenders are willing take less than what is owed on the property because they do not want to take back the property. Lenders will usually accept 85% of today’s appraised value. This offers a significant buying opportunity for you.
How long does it take?
Short sales take a long time to get negotiated. This is why we begin negotiations from day 1. We usually don’t offer the short sale until we are at the point in the negotiations where the lender is ready to make a decision. Short sale negotiations can take up to six months from start to finish.
What happens if the lender says no?
Sometimes lenders are not willing to give properties away, however most often lenders will often make a counter-offer. Because there are literally thousands of properties to choose from, you can can be very picky and find a better deal. It is our job to find the weakest lenders who are desperate to sell and simply cannot take back another property into their inventory.
If you are interested in purchasing a short sale property, please contact Jules@TarponCoastRealty.com
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