If you find a short sale that you’re interested in learning more about, you might want to dive in and call the listing agent right away – but that can be a huge mistake. Here’s what you need to know first.
What to Know About Short Sales
Call your real estate agent – not the listing agent – before you make any kinds of decisions (even about seeing a short sale in person). Your agent will be able to research the listing before you get too excited.
Here’s what you need to remember about short sales:
- Your agent can find out how much the sellers owe on the home and the number of loans that are recorded on it. A second or third mortgage on a home can derail your entire short sale “bargain.”
- You need to work with an agent who understands short sales – and who has closed these types of deals before. They’re not the same as traditional real estate sales.
- The seller has to complete a short sale package, and you should be allowed to make sure it’s complete. It has to include a seller’s hardship letter, tax returns and payroll stubs, as well as W2s, a financial statement and bank statements. You’re not going to physically see these documents, but the seller can’t qualify for the short sale unless this package is complete; if it’s not, you could be wasting your time.
Are You Looking for Short Sales in Tampa’s Suburbs?
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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.