Ready to buy a short sale?


	When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on a house, it's called a short sale. For more information, just contact me through my site or e-mail me. I'm glad to answer questions you have about real estate short sales.

Purchasing a short sale in Saint Augustine, Florida on your own is risky. Contact Watson Realty Corp. for expert advice.

Can I get a good deal on a short sale?

The short answer is "sometimes". Many people hear the phrase "short sale" and routinely think of a seller that is insolvent and must sell their house promptly to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to cash in on another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have declined. In these cases the reduced price may in fact be closer to true market values instead of below.

Are you ready to buy a short sale property?

Always do your research before making any offers. Using a knowledgeable REALTOR^® from Watson Realty Corp. to assist you with researching a property can help you make informed decisions. We can help reveal to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Locating these facts can help you make a decision about how much to offer.
Use an agent with short sale experience. The real estate agents at Watson Realty Corp. can assist you in expediting the transaction and make certain you're protected. Don't let inexperience hinder the closing process. Let our experience and knowledge work for you.
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 the customary 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. In most cases your offer will be presented to a committee to approve which will add time - sometimes even 2 to 3 months.
Home protection plans, buyer credits and allowances, and closing cost concessions are normally not up for negotiation when buying a short sale. The lender will sell the property "as is" which means the lender won't be paying for repairs. Make sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Watson Realty Corp., when we write an offer, we are looking out for your interests first and will always recommend that you make your offer contingent upon the inspection results.

When it's time to buy, whether it's a short sale or a typical home sale, Watson Realty Corp. is here to help. Use our experience and knowledge of real estate to be confident you are getting a fair deal and protect yourself during the full process.

* MOL = More or Less