Would you like to buy a short sale in Pasco County? One of the great advantages of purchasing a short sale is that you may get a huge discount on the property. You could walk into the home with automatic equity! Many times, lenders offer generous financing terms in order to sell a short sale more quickly.
Not all short sales are created equal, though – you’ll need to talk to your agent about what’s going on before you get too excited.
Learn Everything You Can About The Short Sale
Once you have found a short sale, you will need to consider how much, if anything, you would need to spend on renovating that particular home. Check out the condition of the property. Does it need a roof? Are appliances included? How is the electrical wiring? Will that need to be updated? Is the furnace on the brink? Find out the actual home value in its current state. We can help you with that. Next, you will need to check into liens. Is there a lien on the house? How much is it? We can find this out for you too.
Plan For Financing The Short Sale
Short sales can move quickly. If you are considering buying a home on a short sale, make sure your financing options are figured out in advance. Know what you can borrow and what types of loans you have available to you. We can help you connect with potential lenders. You should know that many lenders require that you apply for the short sale before you can even get started. Be prepared for this possibility and be ready to move on it when it comes up.
Documents Required For A Short Sale
Short sales require a purchase and sale contract. They also need to come with a hardship letter from the homeowner. They will have a statement of the property’s actual value and a settlement statement.
Negotiating The Terms Of A Short Sale
Once you make an offer on a short sale, the lender could reject your offer or make a counter offer. Make sure you know how high of an offer you can make or accept to increase your negotiation ability.
Closing On A Short Sale
Similar to purchasing real estate under other situations, when you close on a short sale, the property is yours.
Purchasing real estate through a short sale can be confusing. Contact us today with any additional questions or if you have a property in mind. Our experienced real estate team can help you maneuver your way through a short sale in Pasco County or any place in the Tampa Bay area. Contact us today!
Are You Buying a Home in the Tampa Bay Area?
Call us at 727-584-8480 or 813-961-6000 if you’re looking for a home for sale in the Tampa area.
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