Short Sales
Many real estate agents will tell you not to look at short sales. Why? Because they don’t want to deal with them. Well, folks, I’m here to let you know I’m not one of them. Why? Because I know the in’s and out’s of short sales in northwest Florida.
So, what is a short sale? To put it in Lamen’s term, a short sale is a pre-foreclosure. The current owner of the property must consult with their lender to see if they would sell the property at a lower price than what is owed. Hence, the word “short.”
Who’s involved with a short sale?
When you first put an offer on a short sale, you will be dealing directly with the current owner. They must review the offer, and decide whether it is worth taking to the lender, or not. If the deem the offer is acceptable, they must sign the offer, deliver a copy of the executed contract back to the Buyer, then start negotiating with the lender. This is where the fun begins.
To make a short sale work, the agent who has the property listed must have a contact at the bank and know exactly who to deal with. If they are unsure, or have yet to make a contact, this could be a real problem for the buyer. In many cases, this can increase the amount of time for the short sale process an extra month, or two.
More on short sales coming soon!
