Good Morning Jan,

Short sales may be purchased for investments and/or residential properties by owners.

The negative is Short Sales can take 3 - 6 months to close. Many Short Sales Realtors will take multiple offers and only submit the highest bids to the Bank/Lenders. Once they receive, it goes through a long process of appraisals, negotiators, etc all employed by the banks.

It is a gamble as you may wait months and not be successful in your purchase.

Many properties are selling for less than the previous purchased price. I suggest, you find a property you are interested in purchasing and make a reasonable offer. Many Sellers are relocating for many reasons. With this approach you can schedule a closing date convenient to you.

Connie Baker, Realtor
RE/MAX 100 RIVERSIDE
772-878-7610
Port St Lucie, FL 34986

Jan,

I have been involved in several short sale scenarios and although there are many variables, the most important factor will be for the buyer to have time to wait for the seller's lender to agree to the short sale and terms of the purchase agreement the seller has accepted, subject to bank or lien holders approval. Your situation, of course, being a second home, would allow you the opportunity to wait.

When do you plan on visiting Florida? I recommend that you consider all available properties within the geographic area and price bracket that you are interested in. Prior to your traveling to Florida I would also recommend that you investigate your means of how you want to purchase, cash or mortgage. If you are mortgaging the purchase, it will be necessary to include your pre-approval qualifications with the offer to purchase. Some bank owned listings require that the buyer qualify directly with the bank that owns the property. I recommend that you come prepared so that you are ready to move forward if you find the right property.

When you visit, consider all options and since you may be a distance away, consider several properties that could be good investments and additional choices if your preferred property were to fall thru.

You will not have to be present to sign closing papers. Closing documents can be sent by priority mail and usually a notary of the public or title company can assist with the closing. Prior to my licensure in Florida I bought and sold a few properties over the years, always signing listings, offers, and closing documents from afar. Of course, technology is great.

Contact me if I can be of further assistance during this process.
Best Wishes!

Kay Pearson, CRS
Associate Broker
Nettles Coastal Realty
9803 S. Ocean Drive
Jensen Beach, Florida 34957
Kay@NettlesCoastalRealty.com
772-229-1300

Hi Jan,

Another thing to consider is whether or not the community you wish to buy into will allow you to rent the home out immediately. Many investors want to rent the homes, until they are either ready to occupy it or to resell for a profit.

Nadine Mauro
Regency Realty Services
561-414-0864
NadineMauroRE@yahoo.com

Hi Jan,

Yes Chris is correct. Short Sales can be an excellent investment property, provided you find the correct one at the right price. Some short sales are easier than others to get approval for. Mostly it depends on the lender and how many mortgages or liens are on the property and the financial situation of the seller.

It is imperative that you do your home work before selecting the property and I highly recommend a good agent that knows the score with short sales.

Feel free to contact me if you need any additional information. Good luck.

http://www.GabeSanders.com

Hello,
Yes, it would ge good to buy a Short Sale if you are not in a Rush to close.
Short Sales normally take 3-4 months. Sometimes, shorter and sometimes longer.
A couple of things they look at right away, they will not accept an offer unless you are Pre-Approved. Also, if you are looking at a specific property, have you or your agent looked to see what the actual value is around so that you know you are not too low but, not too high.
These are just a few of the questions that you need answers too.

I can help you with the Financing part if you need someone. Rates are excellent right now and especially if you are looking to re-locate later. If you are more than 35+ miles away, you can buy as a 2nd home and be in a much better position with financing, rates, and costs. I can also get you in touch with a Realtor if you need one.

Hope this helps.
Chris Suarez
352-754-6191
813-477-5444