Short sale process
 
                                 The Short Sale Process From a Buyers Perspective

It has been my experience that home buyers have mixed feelings regarding the purchase of a short sale. Their first thought is typically about the ability to get more house for less money, followed by the hesitation to go through what can be a lengthy process.
 
Understanding the short sale process is the first step in deciding whether or not to go down that road.
 
What is a short sale?
A short sale is a property that will be sold for less money than the remaining balance of the mortgage. This sounds great as a buyer doesn’t it? Not so fast. While a short sale property can be a great buy, there are items that should not be overlooked.
 
How long will I have to be patient?
The short sale process can take anywhere from a few weeks to many months. This is due to the bank being the ultimate decider in what the home will sell for. It starts with a buyer making an offer. First the seller must accept the offer, then the lender. If you don’t have an immediate need to buy, it could be worth the wait.
 
How do I avoid buying a money pit?
Financial hardship is often the reason for a home to be listed as a short sale. Keep that in mind when viewing short sale properties. The seller may not have been able to maintain the home, meaning there could be additional renovation after you purchase it. Bottom line, never forgo the home inspection! Know what the problems are before they becomes yours.
 
A short sale property can be a fantastic way to get a great deal. As a buyer, be sure to partner with a Realtor who specializes in short sales to avoid unnecessary hiccups during the process.

As a short sale specialist in the Orlando, FL area, it would be my pleasure to answer any questions you might have about the short sale process or whether it is a path you should consider.