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Short Sale Buyer

Buying a short sale in Hillsborough, Pinellas & Pasco Counties

The main benefit of purchasing a short sale is that you get the property for a substantial discount and the lender may offer favorable financing terms.

The following steps should be taken when buying a short sale:

  1. Identify a short sale: When identifying a property, give preference to one for which the amount owed is much higher than its approximate value.
  2. Examine the property: Consider how much you would spend on renovation.
  3. Find out its value: This should also give you a good idea about the profit potential of the property.
  4.  Ask about liens: The seller or agent should be able to provide information concerning any liens on the property and who holds them.
  5.  Plan for financing: Since it is a short sale, you should be able to move quickly, so figure out your financing beforehand.
  6.  Contact the lender: Ensure that the homeowner has completed and signed an authorization letter allowing the lender to discuss the mortgage with you.
  7.  Apply: Many lenders require buyers to make an application for the short sale.
  8.  Assemble your proposal: The documents required for the short sale include:
    1.  The purchase and sale contract
    2. The hardship letter from the homeowner
    3.  A statement of the property’s value
    4.  The settlement statement
  9. Negotiation: The lender may reject your offer or make a counteroffer. You must determine what your absolute highest limit would be in order to negotiate appropriately.
  10. Close the deal: Once you, the seller and lender have come to an agreement, the closing follows, indicating that the property is yours.

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RE/MAX ACR ELITE GROUP, INC. Hillsborough

14823 N. Dale Mabry Hwy.
Tampa, FL 33618
Office (813) 961-6000
Fax (813) 961-6016

RE/MAX ACR ELITE GROUP, INC. Pinellas

2501 West Bay Drive
Largo, FL 33770
Office (727) 584-8480
Fax (727) 586-6789


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