How does buying a short sale work in Florida?
Short Sale Florida A short sale involves hiring a Realtor and listing the home on the market for its current value. However, if the mortgage balance exceeds the sales price, the homeowner will not have enough money at closing to pay the bank; hence, the sale is “short.”
Can you buy a house on a short sale?
Buying a short sale can score you a sweet deal on a home. Since the sellers are set on avoiding foreclosure, buyers can jump in and nab a house below its market value. It might even sound like the easiest transaction ever: The seller is determined to sell a house and you have the means to buy it.
How is a short sale different from a foreclosure?
Short sales are different from both traditional home sales and foreclosures. In a traditional home sale, you work with only the seller and the seller’s agent to make an offer. In a foreclosure, the lender has already bought the property, so you’ll make an offer directly to the lender, without a buyer involved.
Who is the best agent to buy a short sale?
Banks take their time approving a short sale,” advises, Kathryn Bishop, a Keller Williams agent in Los Angeles. Several individuals, including the lender, will need to look at your offer before a consensus can be reached.
How to make a winning offer on a short sale?
Buying a Short Sale: 4 Tips to Make Yours the Winning Offer. 1 1. Have your finances sorted. Solid financing always makes an offer appear stronger, but this is especially true in a short sale. 2 2. Be ready to wait for approval. 3 3. Don’t expect contingencies. 4 4. Don’t navigate a short sale alone.
What are the steps to short sale?
The Short Sale Process For Sellers. The short sale process for sellers can be broken down into five simple steps: Identify the current situation. Demonstrate provable financial hardship. Enlist the services of a qualified agent. Gather the appropriate documents.
What is the timeline of a short sale?
From that point to the time of short sale approval, the average timeline is about 60 to 90 days. It means 30 days to sell + 60 days for approval + 30 days to close escrow = 4 months, on average.
What is a short sale processor?
Your Short Sale Specialists – Short Sale Processor. Your Short Sale Specialists is the solution for your Short Sale needs. They can help you process/negotiate your short sale deals with the lender, from contract to closing at a fixed fee; whether you are a Real Estate Agent, Realtor or a Homeowner.