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Purchasing a short sale

Purchasing a short sale in Florida is a way in which home buyers can pick up a nice home at a good price however the buyer needs to be aware of what is involved when purchasing a short sale.

The process involved with purchasing a short sale

The short sale purchase is going to be contingent upon the home owner's lender agreeing to accept less than the owner owes on the home. This effort will require the time and effort on the part of all parties involved. If the seller or the seller's agent does not fully understand the process the time it takes to process the transaction can seem endless and often results in no sale thus wasting your time as the buyer.

Even when there is full cooperation from the seller and the real estate agents understand short sales, the seller's lender can also delay the process. You will want to make sure you attach a short sale addendum to the contract detailing how long you are willing to wait for the lender to approve the transaction. Failure of the seller to gain the lenders approval in your time frame will allow you to cancel the contract.

Because of the delays and uncertainty purchasing a short sale you may also want to include a contingency that allows you to wait for lender approval before spending money on home inspections, appraisals and other requirements of the contract.

When purchasing a short sale you need to remember that the seller's lender is under no obligation to accept the terms of the contract between you and the seller. Having the assistance of a short sale expert will help you navigate through the short sale process.

As a Certified Distressed Property Expert I can assist anyone looking to purchase a short sale. Give me a call at 407-304-0255.