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Buy Short Sales - Are you "UP" for the Challenge?

By
Real Estate Broker/Owner with Joyce Marsh Real Estate LLC BK659279 

Buying Foreclosures and Short Sales - Joyce Marsh Florida Coastal Lifestyle Blog

 

 

Are you really "Up" for the challenge of Buying A Short Sale? 

Many buyers think they are up for the challenge of buying a short sale in Florida. 

 

 

 

 

And Yes, there are unbelievable buys currently on the market...but are you ready for:

  • rejected offers, headaches, frustration
  • excruciating long wait times demand an extreme amount of patience on the buyers part
  • Must have a skilled Real Estate Professional with experience in negotiations. 

Many times the amount of paperwork, red tape, and the long process involved in negotiating a Short Sale proves to be too much for the buyers and sellers.

The foreclosure process itself is extremely complicated (depending on which state you are in and which lender is involved), and a novice must learn to navigate the foreclosure waters which takes a great deal of time, research, training, and experience, as well as patience.

Few buyers are really up for the challenge or have the patience, determination,

and persistence that buying a Foreclosed property or a Short Sale will take. 

The good news is there are many homes, even Luxury Homes, waterfront & luxury Condominiums, that are deeply discounted and currently available, that are NOT Short Sales or Foreclosed properties.  

  • In order to get a great buy on a home, it does not necessarily mean that you must purchase a Foreclosure or a Short Sale. 
  • Sellers have had to adjust their list prices and must factor in all homes that are competing properties, including the short sales and foreclosures that are on the market in their marketplace as well as recent sales.
  • Many of the Foreclosures are bargains, but need major repairs, and have not been maintained properly.  Homes in poor condition may fetch bargain prices, but be prepared for the added expense for needed repairs. 

If you are searching for a bargain, and want to purchase a Short Sale Property or Foreclosure...

  • Always deal with an experienced Real Estate professional who has knowledge in handling short sales and foreclosures
  • Preferably deal with a Real Estate professional that has been certified and trained in negotiating Short Sales, Foreclosures, and REO's. 

If you are searching for a luxury short sale bargain or foreclosure in mid-Florida, Florida's Coastal areas, Luxury Foreclosures or Short Sale Condominiums, Golf Homes, Oceanfront, Waterfront

Contact Joyce Marsh Central Florida Realtor and CSP (Certified Short Sale Professional)

386-299-8291  or email:  JoyceMarshHomes@aol.com

 

Posted by

Joyce Marsh Certified Luxury Home Marketing Specialist   Joyce Marsh Institute for Luxury Home Marketing Member     Joyce Marsh Million Dollar Guild Member Institute Luxury Home Marketing  Joyce Marsh 5 Star AgentDupont Registry Elite Agent

 

Joyce Marsh, Broker/Owner

Joyce Marsh Real Estate Company

386-299-8291   JoyceMarshHomes@gmail.com

                                  

Copyright 2008-2024 by Joyce Marsh.  All Rights Reserved.  Information from sources deemed reliable, but not guaranteed. Nothing contained herein to be considered legal advice, please consult your Attorney for advice. 

Comments(7)

Kimberly A Norgard
Devlin McNiff Halstead Real Estate - East Hampton, NY

Joyce-Many people have no idea what's involved in purchasing a short sale or foreclosed property.  Thank you for the outline of what to expect.

Feb 21, 2011 12:37 AM
Margaret Woda
Long & Foster Real Estate, Inc. - Crofton, MD
Maryland Real Estate & Military Relocation

You're so right about working with an agent who is experienced in short sales - not just experienced, but in SHORT SALES.  It can make all the difference between success and disappointment.  And that goes for both ends.  A buyer's agent has to "get" the process, and not be a constant nag on the listing agent and downer on the buyer.

Feb 21, 2011 12:39 AM
Jeana Cowie
RE/MAX Real Estate Limited - Paramus, NJ
Broker Associate, ABR, CRS, GRI, SRES

Joyce, This is well put. I don't think many buyers realize what's involved in a short sale and when they do they tell me "Don't show me any short sales"

Feb 21, 2011 12:40 AM
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota/Wisconsin Real Estate Expert

I tell buyers about the wait and that right their scares 75% of them off.  Thats what makes the short sales a good deal though...less demand.

Feb 21, 2011 12:41 AM
Jimmy Katz
Wynd Realty & Katz Realty Group - Alpharetta, GA
"REAL Solutions for Real Estate!"

my wife and i joke that if you do get to close on a good deal on a short sale, it usually equals out when you compensate yourself for the aggravation!

Feb 21, 2011 12:42 AM
Clark Cook
1st Choice Realty of Fayetteville, LLC - Fayetteville, NC
Marketing Homes For Sale In Fayetteville NC Area

Another good post, Joyce! Foreclosures are a major source of leads for me, but do you know what they end up buying? New Construction or Existing Homes that have been well maintained, and ready to move in. It's the very reasons you state, that prompt that decision!

Feb 21, 2011 01:24 AM
Julius Schoenherr
J. Schoenherr Const. Co., Inc. - Daytona Beach, FL
Building Contractor - Daytona Beach Area

Good advice about buyers thoroughly inspecting foreclosures and short sales prior to submitting a contract.  Many are badly in need of maintenance and repairs which will add substantially to the cost of the home.

Feb 21, 2011 03:01 AM