Ready to purchase a short sale?


	When a lender and a seller agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale. For more information, just contact me through my site or e-mail me. I'm glad to answer any questions you have regarding real estate short sales.

Purchasing a short sale in Boca Raton, Florida on your own is risky. Contact Lang Reatly for expert advice.

Are short sales good deals?

Sometimes. Most people hear the words "short sale" and routinely think of a seller that is insolvent and needs to sell their property fast to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to take advantage of another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current, but property values have fallen. In cases such as these the reduced price may in fact be closer to actual market values rather than below.

How do I buy a short sale?

Always do your research before making any offers. Using a qualified REALTOR^® from Lang Reatly to help you research a property will help you make educated decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this data can help you determine how much to offer.
Hire a REALTOR^® with short sale knowledge. The real estate agents at Lang Reatly can assist you in expediting the transaction and ensure that you're protected. Don't allow inexperience to hinder the closing process. Let our experience and knowledge work in your favor.
Even with an experienced real estate agent and under the best of situations, buying a short sale property will usually take longer than a typical real estate transaction. Know that a majority of short sales will not close in the customary 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. It's not uncommon that your offer will be presented to a committee to approve which will add time - sometimes even 2 to 3 months.
Home protection warranties, buyer credits and allowances, and closing cost concessions are generally not negotiable when buying a short sale. The lender will be selling the property just the way it is which means the lender won't be paying for repairs. Make sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Lang Reatly, when we write an offer, we're looking out for your interests above all else and will always recommend that you 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, Lang Reatly can help. Apply our experience and knowledge of real estate to be confident that you are getting a fair deal and are protected during the whole transaction.