Most buyers are nervous with the mention of a Short Sale Florida Real EstateÂ Property Listing.Â They do not fully understand what is involved with this type of property transfer. Short Sales have a longer time to be aquired than a regular sale, and I am thrilled to say this time frame isÂ more reasonable today than what previously was dealt to us. Short Sales were meant to involve only the mortgage orÂ mortgages on a residential property. Short Sales take into consideration the sellers finances and hardship.
Complications arise when other variables are thrown into the sale of a distressedÂ property, such asÂ unpaid condominium fees, outstanding home owner association fees, liens, unsettlingÂ Internal Revenue Service Tax Liens, extra mortgages beyond the first or secondÂ andÂ bankruptcy. TheÂ seller's time frame ( not the buyers time frame) Â in selling their home is another matter that can turn a short sale into a foreclosure due to the lagging wait where the homeÂ has went Â into auction status instead of being sold as a short sale in a pre-foreclosure status. These external factors were not to be a consideration with a short sale, as this challenging process was intended soleyÂ for the mortgage.
Yet, here we are with all of these circumstances. According to Paul Ownes from the Sun Sentinel, Short Sales areÂ outnumbering foreclosures. http://articles.sun-sentinel.com/2012-04-22/features/fl-short-sales-20120422_1_short-sales-foreclosure-sales-housing-recoveryÂ . Short sales are part of today's market and the new way of selling and buying South Florida properties.
Buyers cannot look and judge a short sale the way they wouldÂ a regular sale. They need to understandÂ theÂ contract is usually written as As/Is. Â The Seller has no money for repairs or replacement of appliances, roof leaks, or other problematic circumstances that the inspection reportÂ may discover. The buyer should realizeÂ and understandÂ they can opt to have the inspection report performed immediately or after the home is approved. This inspection periodÂ is usually dependent Â on the contingency of walking away if not satisfied with the outcome of this report. This is not the typical regular sale where the seller will repair or replace items inside the home. The buyer needs to be aware of this from the beginning. The seller is walking away from their homeÂ due to factors stemming from Â such matters as divorce, death, insolvency, illness, and unemployment.
Work with a realtor who has the knowledge and background to help you! Call Susan J Penn, PA, EWM Realtor to help you list your property of help you in the purchase of a short sale at 954-557-5993. www.susanpenn.com