Want to buy a short sale?

When a seller is upside down on their mortgage payments, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender agrees to release the mortgage for a sum less than what's due. For more information, simply contact us through our site or e-mail us. We're happy to address questions you have regarding real estate short sales.

Purchasing a short sale in Pembroke Pines, Florida on your own is risky. Contact LMG Realty, Inc for expert advice.

Are short sales good deals?

Occasionally. Most people hear the term "short sale" and instinctively think of a seller that is insolvent and must sell their house promptly to avoid further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from another's misfortune. More commonly, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have depreciated. In these instances the reduced price may in fact be closer to true market values instead of below.

How do I buy a short sale?

  • Prior to making any purchase offers, do your research. Using a qualified real estate agent from LMG Realty, Inc to help you research a property can help you make knowledgeable decisions. We can help discover to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Locating this info can help you determine how much to offer.
  • Hire a real estate professional with short sale expertise. The real estate agents at LMG Realty, Inc can aid you in expediting the transaction and ensure that you're protected. Don't allow inexperience to impede the closing process. Let our experience and knowledge work in your favor.

  • Even in the best of situations and with an experienced real estate agent, buying a short sale property will probably take longer than a typical real estate transaction. Be aware that most short sales will not close in 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the terms of the sale. It's not uncommon that your offer will be seen by a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home protection warranties, buyer credits and allowances, and closing cost concessions are normally not negotiable when working with a short sale. The lender will be selling the property as seen which means the lender will not be paying for repairs. Be sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At LMG Realty, Inc, when we write an offer, we are looking out for your interests above all else and will always suggest that you make your offer contingent upon the results of the inspections.
If you're ready to buy, whether it is a short sale or a typical home sale, LMG Realty, Inc can help. Apply our experience and knowledge of real estate to be confident you are getting a fair deal and remain protected during the complete process.