Looking to buy a short sale?


	When a lender and a seller agree to release a mortgage for an amount less than what's owed on a house, it's called a short sale. Should you have questions about real estate in Orlando, Florida, contact me here or e-mail me.

Purchasing a short sale in Orlando, Florida on your own is risky. Contact John Hayton for expert advice.

Are they good deals?

Occasionally. Most people hear the phrase "short sale" and automatically think of a seller that is in financial trouble and needs to sell their home quickly to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to cash in on another's misfortune. In contrast, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have depreciated. In these instances the discounted price may in fact be in line with true market values, not below.

What's involved in buying a short sale?

Prior to making any purchase offers, do your research. Using a knowledgeable real estate agent from John Hayton to help you research a property will help you make educated decisions. We can help reveal to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Finding this info can help you determine how much to offer.
Hire a REALTOR^® with short sale knowledge. The real estate agents at John Hayton can aid you in expediting the transaction and make certain you're protected. Don't let inexperience impede the closing process. Put our experience and knowledge to work in your favor.
Even with an experienced real estate agent and under the best of situations, buying a short sale property will generally take longer than a typical real estate transaction. Be aware that many short sales will not close in the customary 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. It's not uncommon that your offer will go before a committee to approve which will add time - sometimes even 2 to 3 months.
Home warranties, buyer credits and allowances, and closing cost concessions are usually not up for negotiation when working with a short sale. The lender will sell the property as seen which means the lender won't be paying for repairs. Always reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At John Hayton, when we write an offer, we are looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the results of the inspections.

If you're ready to buy, whether it is a short sale or a typical home sale, John Hayton is available for you. Utilize our experience and knowledge of real estate to be certain you are getting a fair deal and are protected during the entire purchase transaction.