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Monday, October 25, 2010

Short Sales: approach with same seriousness as a regular real estate purchase

Short sales are interesting.  Short sales are not fire sales.  Short sales are priced at a discount.  But you are not likely to "get a steal" although you will likely get a good deal.

With a short sale you never know if the lender will accept any offer.  You never know if the lender will counter the offer or just reject the offer.  Sometimes it takes months to get a response.

My opinion is that in a downwardly trending market, the lenders often have no clue whether an offer is good or not. Why?  Because they are located some place else in some distant state.  And the decision process is so slow because the pipeline has so many short sales.

Buyer Tips:
  1. If the seller’s agent has already received a rejection 20% over your offer price it is most likely a waste to try to submit your “steal.”
  2. Short sales are discounted but usually not half off!
  3. Short sales take patience.
  4. Short sale purchases must be approached in the same seriousness and steps as a regular sale.
For information on short sales in Rockledge, Florida and the neighboring communities of Viera and Suntree, email me,  Gary L. Waters PLLC, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida.

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