Short Sales and Foreclosures
What is a Short Sale?
- A short sale is when the bank is willing to take less than the owner owes on it to try to prevent them from foreclosure.
- You must submit a pre-approval letter or proof of funds with all offers.
- Multiple offers are often involved, so always submit your highest and best offer.
- Properties are sold AS-IS with the right to inspect.
- You negotiate with both the seller and the lender.
- The lender will make the final call on the price and terms.
- Can be a lengthy transaction-Could take from 1-6 months.
- If you have the time and patience, a short -sale can be a great deal.
What is a Foreclosure?
- When the owner fails to pay the mortgage payments, the bank or lender takes over the property.
- Because it becomes costly for the banks and lenders to hold the property, they then in turn, sell it at a very reasonable price
- A pre-approval letter must be submitted with all offers
- Properties sold AS-IS with the right to inspect
- Foreclosure sales are based on bidding, so you should always submit your highest and best offer the first time.
- Multiple offers can also be involved
- In some cases, you may not succeed in bidding, but there is a lot of inventory out there. So keep trying.
- Foreclosures in most cases are a speedy process.
- CASH TALKS!
With these points in mind you can decide if a Short Sale or a Foreclosure is good for you. Please visit my website for information on these types of properties at: www.floridapropertytoday.com or email me at jennifer_tellier@yahoo.com for a FREE Foreclosure or Short Sale List.
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