When you’re buying a short sale, the financing can be tricky. It’s not that it’ll be tough for you to get approval; instead, what the seller has on the house can be tough to navigate your way through. There are some other issues you need to be mindful of, as well.
Mortgage Amounts on a Short Sale
Your real estate agent will research how much money is owed against the home. Bear in mind that many short sale sellers (say that three times fast!) may have two or even three mortgages on a home.
A Complete Short Sale Package
In a short sale, the listing agent receives a completed short sale package from the seller. (If you’re looking at a home for which the sellers haven’t completed a package, it may be a good idea to keep scrolling.)
The short sale package should include:
- The seller’s hardship letter
- Tax returns
- Pay stubs
- Financial statement
- Bank statements
Finding Comparable Homes
Short sales can take between two and four months to close (and sometimes longer), so it can be difficult to find comparable homes when you’re deciding whether to buy a short sale. Your Realtor® will be able to help you find properties that are similar so you can determine value—and the idea is to offer as close to market value as you can so you have a shot at the lender accepting it.
Are You Looking for Short Sales in Tampa’s Suburbs?
If you’re thinking about moving to Tampa, check out the links below to search for homes with just one click:
Call us at 727-584-8480 or 813-961-6000. If it’s easier, get in touch with us online. We’ll begin searching for your new home right away.