Buying Pre-Foreclosures with Short Sales
Purchasing pre-foreclosures through a process known as short sale can result in you getting the best “deal” on your next real estate purchase. Short sales allow the real estate buyer to acquire real estate for less than what the seller owes the lender. You must have the most professional lending negotiators on your side for this technique to be effective and trouble free for you.
While all of this may sound intimidating, with All Season Resort Realty’s help, it won’t be. The first step is to find the property that best meets your needs. The second step is to exercise your patience and let your agent work hard on your behalf to get approval for your offer.
More about the Short Sale Process
Definition: A short sale occurs when a property is sold and the lender agrees to accept a discounted payoff, meaning the lender will release the lien that is secured to the property upon receipt of less money than is actually owed.
Do NOT take on a short sale purchase without representation by a qualified, knowledgeable licensed agent with experience handling this type of sale. There is too much at risk for you, the buyer.
- Make sure you make the offer contingent on the short sale being approved by the lender and set a time frame for approval. This can often take a 6 to 12 weeks.
- Ask your All Season Resort Realty Agent about short sale contingency terms and conditions
- Conduct a home inspection even though the lender will probably require an "as is" sale - you still want to know what you are buying and what repairs need to be made
All Season Resort Realty takes much of the risk out of the equation when representing you with an offer to purchase a short sale. We do everything possible to ensure your success in this exciting method of acquiring real estate. Give us a call today to find out more!