Lourdes, Other/Just Looking in 34639

What can we expect when considering purchasing a short sale property in FL? What is the process?

Asked by Lourdes, 34639 Sun Aug 9, 2009

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The expectations for short sales are all over the board. They can be easy and they can be hard. Even the same bank may have different investors controlling the answers. The key to negotiation is to come in with a reasonable offer and to have an agent who asks questions: 1. Any previous accepted offers (this is key - you know if the banks are answering if they have already negotiated before) 2. How soon is the auction sale (time is of the essence and if the sale is close the bank may not even want to bother) 3. How many banks (one is better than two, two is better than three, and what about if there is a mortgage insurance company or fannie mae and freddie mac) 4. What were the other offers before like (did they have closing costs, did they have any unique restrictions?) If you get the right answers to these questions - then pretty easy deal. If the answers are not good then move to the next house. I hope this helps and if you need to ask any other questions - please feel free to contact me.
1 vote Thank Flag Link Sun Aug 9, 2009
I have covered the Land O Lakes area for the past 30 years so you will not need a referral.
Short sales are chosen because they are a supposed "bargain".. So often folks overlook the fact there are many "bargaims" out there that are not short sales. It might be worth a few extra thousands of dollars to avoid the pain and uncertainty of pursuing a short sale only to find out that the mortgage holder will not deal. Your best bet is to have a Realtor represent you and give you all of the options based on your needs and finances. Contact my office at 813-996-4747. Lou
1 vote Thank Flag Link Sun Aug 9, 2009
You will learn to hate short sales, Quickly.

first they are not short, they take a L O N G T I M E!!! Could go on for Months and months.

Second, you do not get answers for months and months. (OK sometimes you get Lucky and hear back in 2 weeks, but don't count on it.

Key is the Listing Realtor, how well they know how to do their job, next important factor is does the property have a second?

You need to find a Realtor that knows short sales to help guide you. They should cost you nothing as
they are payed by the Listing agent.

Please call me at 352-978-5439 and I can tell you more and help you find a Realtor in Land of Lakes. (I do not cover that area, I am nearer Orlando and Ocala.


John
1 vote Thank Flag Link Sun Aug 9, 2009
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