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Saturday, February 25, 2012

Home Buyer Tip: Should you consider a short sale?

Seems that a day does not go by that I do not receive an inquiry regarding short sales.   Most of these inquiries are folks who have heard about the great deals available in the short sale market.

There are some very attractive deals in the Viera, Suntree and Rockledge areas of Brevard County Florida in "short sale" listings! But, not all buyers are ideal candidates for a short sale.

Who is a good candidate to buy a short sale?

First of all, flexibility is key.   A flexible schedule is a must.

Why?  Because in short sale situations a "third party" approval is required.  Short sales involve situations where the probable sales price will be less than monies owed therefore the lender must sign off on the offer.  This can tale up to three to six months or even longer.

So, if your time is pretty fixed, a short sale may not be the best route for you.  [A "normal" transaction usually takes at least 30-45 days unless you are a cash buyer!]

If you have the cash to put down, a mortgage lined up, a willingness to possibly "start all over" if the offer is rejected (or someone else gets the deal), and patience...then you sound like a good candidate for the short sale market.

If you would like information on short sale opportunities in the Viera, Suntree and Rockledge area, please give me a call or drop me an email.

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