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Wellington Short Sale Agent...... Help with my short sale

By
Real Estate Agent with My Area Realty

Wellington Short Sales

I’m considering purchasing a short sale, bank owned, or foreclosed home. What should I be expecting?

While the foreclosure and bank owned market is starting to decrease, buyers are finding more short sale homes on the market. The main difference between a short sale in a foreclosure is that the foreclosure is where the previous homeowner has simply walked away without any communication to the lender and the lender has no other choice but to foreclose on the property and try to get it resold. A short sale is quite different in that the previous homeowner or borrow work has been in communication with the lender and they are working out a situation and transaction that will work for both parties. In some cases the sellers or previous owners may still be in the property which means typically a better conditioned home. This is not always the case though. Sometimes you’ll find a home that is been foreclosed on or is in the process of a short sale that news in much need of repair. We want to prepare our buyers to expect the unexpected when it comes to viewing foreclosures, bank owned homes, and short sales. Many of these homes can have severe damage and maybe missing appliances, cabinets, and even flooring. Usually, the worse condition the home is in the better the deal because it you’ll need that extra equity and funds to make the home livable again. While many banks will simply sell the home as-is it certainly is in your best interest to at least ask. Always have an inspection done when you’re considering purchasing a short sale or foreclosure and certainly ask the bank to repair or replace anything. Especially if something is considered hazardous or unsafe, banks are more likely to take care of these issues than simple cosmetic ones. One great thing about bank owned and short sale homes is the below market listing price. These types of homes will typically be priced to where the current owner or seller can get out of the home and the bank is not left with too much of a deficit. Because of this reason you’re likely to find Wellington short sales marked anywhere from 10 to 40% or more below market value. These types of homes are great for first-time home buyers, investors, and anyone that’s looking to find a great deal and do a little sweat equity to build the home back up to where it should be. If you’re considering looking into some of the great deals in Wellington short salesand foreclosures please give us a call anytime or start your online search here first. We have all the current and available listings and would be happy to offer you any additional details or information.

Your Wellington Real Estate and Rental Professionals

We are Wellington Realtors® and whether you are buying, investing, selling, or renting your home anywhere in Palm Beach County we can help that transaction close quickly, effectively, for the right price and the right terms. Wondering where to live in Florida? Consider the Wellington area as your destination of choice. Contact us anytime for a more detailed and personal approach to your home buying, renting, or selling experience.  

Posted by

Glenn Gurvitch

My Area Realty

WellingtonHome.com

e: Glenn@MyAreaRealty.com

c:  561-283-4663

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