If you’re thinking about buying a short sale, here’s what you need to know first.
What is a Short Sale?
A short sale takes place when the seller’s lender is willing to accept less money than the seller actually owes to avoid foreclosure.
A seller doesn’t need to have stopped making mortgage payments in order for a lender to consider a short sale; in some cases, a lender will agree to a short sale if the seller’s payments are all up-to-date but the home’s value has dropped.
What to Do Before You Buy a Short Sale
Before you buy a short sale, you’ll have to do some pretty hefty research. Your Realtor® will help, too. You need to know who’s in title, whether any foreclosure notice has been filed, and how much money the seller owes the lender.
That information will help you decide how much to offer on the home.
What You Need to Know About Short Sales
Short sales don’t close in a short amount of time. In fact, it could take several months to close on a short sale property—so if you find one you’d like to buy, prepare yourself for that before you make an offer.
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.