Buying Gainesville Florida short sales - Three Tips for a Successful Sale

By
Real Estate Agent with Coldwell Banker M.M. Parrish Realtors BK3216615

As of today (June 12, 2009) there are 144 short sales available in the Gainesville area market.  They range in price from $69,000 for a 2 bedroom/1 bathroom home in Southeast Gainesville all the way up to $649,900 for a 5 bedroom/4 bathroom executive pool home in Southwest Gainesville.

 

How do I find short sales?  The best way is to work with a local realtor who has training in handling short sales or has experience successfully closing short sale transactions.  Any realtor can give you access to short sale MLS listings .... but if they are not trained in the intricacies of short sales, either through education programs or the school of hard knocks, your chances of getting one of these Gainesville short sale bargains for your very own is greatly diminished.

 

How do I go about buying a short sale?

 

1) Get preapproved!  The preapproval process generally takes less than 30 minutes, and can be done over the phone.  Make sure you work with a local lender - today's wild & wooly finance environment means that you greatly increase your chances of closing a deal if you use a local lender with a good reputation  and not, say, Fred's Bank.  All short sale offers must be submitted with a preapproval letter, or with a proof of funds letter in the case of a cash transaction.

2) Make sure your offer is the only one being submitted to the lender!  The seller may entertain multiple offers for their home, but it is up to the seller and the seller's agent to only submit the highest and best offer to the lender.  It's difficult and time-consuming enough trying to get lenders to process one offer on a property.....submitting multiple offers on the same property at the same time mucks up the process and pretty much guarantees a deal will not go through.  When submitting an offer on a short sale, ensure that the seller & seller's agent are only submitting the highest and best offer to the lender, and keeping the rest as backup offers in case the first offer does not go through.  If your offer is chosen by the seller to be the only one submitted to the lender, congratulations!  You are now on the road to maybe.....perhaps.....possibly.....getting this house as your own!  If your offer is not chosen, and is instead placed in a back-up position, at least at that point you will know whether to keep looking around for the home of your dreams, or sit back and wait for an answer from the lender.

3) Submit your highest and best offer the first time around!  Lenders generally do not counteroffer....they will either say "Yes" or "No".  So if you are going to go through the process of waiting 60 days (occasionally, sometimes longer) to hear back from the lender, you will greatly increase your chances of hearing that "Yes!" if you submit a good, solid offer with no contingencies.

 

There are many other ins and outs to the short sale process.  To learn more, or to make an appointment to discuss your homebuying needs and tour Gainesville homes for sale, feel free to call me at 352-359-2797.

 

 

 

 

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Coleen DeGroff, MBA - REALTOR

eXp Realty


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Ten percent of everything I make is donated to the Sebastian Ferrero Foundation so we can build a full-service, state-of-the-art children's hospital for our kids.

 

Ten percent to the Sebastian Ferrero Foundation

 

 

 

 

 

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