Fort Lauderdale Homes

Ready to buy a short sale?


	A short sale happens when the homeowner's lender has agreed to collect a reduced sum to release a mortgage. For more information, you can contact me through my site or e-mail me. I'm happy to address questions you have about real estate short sales.

Purchasing a short sale in Fort Lauderdale, Florida on your own is risky. Contact One Sotheby's International Realty for expert advice.

Are short sales bargains?

Sometimes. Often times people hear the phrase "short sale" and routinely think of a seller that is insolvent and needing to sell their house fast 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. More commonly, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have depreciated. In these instances the reduced price may in fact be consistent with true market values, not below.

What's involved in buying a short sale?

Always do your homework before making any offers. Using an experienced real estate agent from One Sotheby's International Realty 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. Obtaining these facts can help you decide how much to offer.
Hire a REALTOR^® with short sale expertise. The real estate agents at One Sotheby's International Realty can assist you in expediting the transaction and ensure that you're protected. Don't permit inexperience to delay the closing process. Let our experience and knowledge work in your favor.
Even in the best of situations and with an experienced real estate agent, buying a short sale property will usually take longer than a typical real estate transaction. Be informed that a majority of short sales will not close in 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. Commonly, your offer will be seen by a committee to approve or disapprove which will add time - sometimes even 2 to 3 months.
Home protection plans, buyer credits and allowances, and closing cost concessions are generally not negotiable when working with a short sale. The lender will sell the property "as is" which means the lender won't be paying for repairs. Be sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At One Sotheby's International Realty, when we write an offer, we will be looking out for your interests first and foremost and will always advise you to make your offer contingent upon the results of the inspections.

When you're ready to buy, whether it is a short sale or a typical home sale, One Sotheby's International Realty can help. Apply our experience and knowledge of real estate to be certain that you're getting a fair deal and protect yourself during the entire deal.