As banks foreclose on many homes in our area, you can find some amazing pennies-on-the-dollar priced homes; but buyers also have opportunities to buy homes at bargain prices before a home goes back to the bank. These are typically known as “short sales.”
As an example, we recently represented a young (growing) family in the sale of their home and the purchase of a larger home. For their purchase, they zeroed in on a home that had sold back in late 2006 for $1,050,000…through our experienced and diligent efforts we were able to get them this home for $355,000! We can likely do something eqivalent for you, too.
What is a “short sale?” A short sale may simply be defined as the sale of a home at a price less than the existing mortgage balance; However, this is a highly complicated process with myriad variables. It is strongly advised that one hires an agent very experienced in the short sale process to help when you are looking to buy a short sale home. There are so many variables that the average buyer could be easily taken advantage of or lose out on a great deal. Realize that the majority of real estate agents have little experience in these sales (but many call themselves short sale/foreclosure specialists). In order to be successful, you need to be very careful in whom you select to be your advisor/consultant/agent.
Our general manager here at The Jackson Realty Group has been certified by one of the the most respected short sale education organizations in the country as a Certified Distressed Property Expert (CDPE), one of less than 10,000 in the entire country. We have extensive experience representing buyers and sellers of short sale properties. Additionally, we are fortunate enough to work very closely with two of the areas top short sale attorneys.
Some of the steps in the process are:
1) Locate short sale homes, as far in advance as possible of the Court Ordered Sale. (in negotiating a short sale you may need weeks or months of lead time)
2) Create a short list of such homes that you would actually consider purchasing for yourself.
3) Have your agent analyze and explain the neighborhood-it’s history-current state and future prospects, the builder-their status in the subject community and in other projects-as well as potential construction issues.
4) Determine the status of default or foreclosure.
For More Information:http://www.miamifloridarealestatelawyer.com
