So you want to buy a short sale home, condo or townhouse in Coral Springs or the surrounding towns of Parkland, Margate, Tamarac, Sunrise or anywhere in South Florida for that matter...what is in store for you?

First and foremost, you should know that buying a property as a short sale is different from buying a "regular" property for sale. Okay, you realize this so what should you be looking for?

1. Make sure that the Realtor assisting you knows about buying short sales so they are in a position to make sure that the Realtor selling a short sale knows how to sell a short sale. This will enable your transaction to go much smoother as your Realtor will know what questions to ask of the selling Realtor who is negotiating with the seller's lender. Plus, you want to make sure that you won't lose the opportunity to own this property because of someone messing up. This is Critical!
2. Have great satisfaction in knowing that you have a very good chance of getting a great price for a great home. Why is this you may be asking and what does it all mean?

          a. The reason the home is being sold as a Short Sale, meaning the seller's lender is willing to accept less than what is owed on the seller's mortgage, is that the seller and the seller's lender want to avoid a possible foreclosure. A short sale benefits the seller, the seller's lender and ultimately you as the buyer.

          b.  Properties that are listed to sell as a short sale are going to be priced close to their Fair Market Value or below. You're not dealing with sellers who have set an unrealistic, emotional price on their property because these sellers MUST SELL their property and they do not have time to wait and slowly reduce the price. They must sell their properties now to avoid foreclosure and they do not care what price their property sells for.

     3.  The seller's lender is the party that will be accepting your offer to buy the property. This time-line for     acceptance will typically at a minimum take 30-60 plus days to complete the process to closing; meaning you as the buyer, must have patience to wait for your fantastic buying opportunity to finalize. But that's okay as long as you aware of this up front and you have the time. Remember the saying, "..good things take time..."

     4.  The seller will not have any dollars to contribute to any closing costs however, it is something that could be negotiated with the seller's lender to approve. Again, this takes you back to #1 and the importance of having a knowledgeable Realtor on the sellers side.

     5.  The property will be sold "As Is" and no repairs can be made to the property by the seller as the seller is financially distraught which is why they're having to sell their property in the first place.

     6.  You will need to acknowledge that you are aware of what to expect with buying a short sale.

     7.  You need to be Approved for a mortgage when the sales contract is submitted to the seller's lender for approval.  So when you send an offer to the seller to buy their property, make sure you have been approved to purchase the home for the dollar amount that you are offering as the seller's lender will want to see this.

     8.  This will hopefully result in you being ecstatic in knowing that your new property was just closed on at a fantastic price. Now you sit back and wait for the Real Estate Market to turn around again, as it will, and you'll be sitting pretty with one of the best appreciating assets that you can own - Real Estate!

Learn more by emailing me at Info@MyShortSaleHome.com or call me at 954-464-1100