A Short Sale is defined as a sale of real estate in which the property owner cannot afford to pay what is owed on the property and the money obtained from selling the property will not not cover the debts (usually secured by leans) against the property, and therefore the lien holders agree to release their lien by accepting less than the amount owed. While it is not a good situation for most people involved, the buyer of the Short Sale can benefit. Foreclosures and short sales can be fantastic investment property opportunities, but the process usually takes a professional to navigate. The Real Estate professionals at Traditions Realty share a few of their tips for surviving the short sale process.
Short Sale Process Tips
Go in at asking price. The bank has a number in mind to sell that home for. If you want the house, don’t expect to fetch it for much below asking.
Be prepared to wait. Never go in for a short sale when you know you have to be out of your home by a deadline. Short Sales can take months to process.
Be persistent and patient! This is the most important tip, and it is a reminder that to get what you want, sometimes you have to work for it! Keep your head up and give the short sale process all you’ve got! You may end up with a fantastic investment opportunity as a result.
Be aware of potential problems: Many properties in a short sale may not have had continued maintenance. While Sellers are required to fill out a Disclosure form, it may not include every potential problem. Keep in mind that many houses 15 to 30 years old need some kind of maintenance, sometimes expensive.
Pay Attention to Legal & Insurance information: Since bank-owned properties usually sell “As Is” without a disclosure, Buyers need to do the research. Make sure renovations have the proper permits and approvals. You can check with your local planning department to learn about any nearby plans for building or demolishing.
Are you interested in learning more about investment opportunities, foreclosures, and short sales in Jacksonville? Traditions Realty is a full service Real Estate Agency, specializing in Sales, Tenant Placement & Property Management. Contact our Traditions Realty agents online or at (904) 683.5230 today.