Short Sales
Short Sale Property
The property owner has stopped making payments and is heading toward foreclosure. The bank approves some owners to sell short of what they owe due to loss of job, loss of income, and other hardships to avoid foreclosure.
Reward
- You can purchase a property that is right for you at an unbeatable price.
- You can buy in a location that may have previously been out of your price range.
Risk
- The bank may respond with a counter offer which is more than your original offer.
- Short sales can take anywhere from 60 days to 6 months to get a reply from the bank.
- The bank may simply deny the short sale.
Homework
Look good on paper – GET APPROVED!
- Most banks will want to see a loan approval letter OR credentials supporting the purchase of their foreclosed property.
- Prepared buyers have their contracts reviewed more seriously and, more often than not, are the ones that banks choose to work with.
Talk to one of our trusted financial advisers early in your process.
- You will want to work with a local lender (local to the property) that is up to date on all Florida lending processes and requirements.
- Most buyers lose out on the best deals because they find a property before they understand exactly what their financial obligations are.
- Our team will set you up for success by getting you the knowledge and providing the experience that it takes to navigate the foreclosure process.
