Want to buy a short sale?

A short sale happens when the homeowner's lender has agreed to get a reduced amount to release a mortgage.

Purchasing a short sale in Starke, Florida on your own is risky. Contact American Dream of Northeast Florida, Inc. for expert advice.

Can I get a bargain on a short sale?

From time to time, yes. Often times people hear the phrase "short sale" and routinely think of a seller that is insolvent and must sell their property quickly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage of another's misfortune. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In these cases the reduced price may in fact be closer to current market values instead of below.

What's involved in buying a short sale?

  • Always do your research before making any offers. Using an experienced REALTOR® from American Dream of Northeast Florida, Inc. to support your research of a property can help you make informed decisions. We can help learn to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring these facts can help you make a decision about how much to offer.
  • Use a real estate agent with short sale expertise. The real estate agents at American Dream of Northeast Florida, Inc. can help expedite the transaction and ensure that you're protected. Don't allow inexperience to delay the closing process. Let our experience and knowledge work for you.

  • Even in the best of situations and with an experienced real estate agent, buying a short sale property will generally take longer than a typical real estate transaction. Know that many short sales will not close in 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the terms of the sale. A lot of the time your offer will be seen by a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are generally not up for negotiation when working with a short sale. The lender is selling the property just the way it is which means the lender won't be paying for repairs. Make sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At American Dream of Northeast Florida, Inc., when we write an offer, we are looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the outcome of the inspections.
When it is time to buy, whether it is a short sale or a typical home sale, American Dream of Northeast Florida, Inc. can help. Use our experience and knowledge of real estate to be certain that you're getting a fair deal and are protected during the whole purchase transaction.

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