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SHORT SALES - GOOD OR BAD IDEA

With all the upside-down borrowers out there today, is purchasing

a pre-foreclosure short sale home a good idea or bad idea?  If you have

the money and time, it is worthwhile to take advantage of purchasing a

short sale property.

 
Short sales are situations where the seller owes more than he can

sell the property for at current market conditions. If you are successful at

getting the seller’s bank to accept the reduced price, you will be able to

purchase the home at or slightly below market prices.

 
However, keep in mind that the process could take anywhere from

30 to 90 days and there may be other buyers making offers at the

same time which could increase the sales price.  Also, the properties

may not be in top condition because the struggling homeowners

have not been financially able to make repairs so you may have

to budget for fix-up and repair costs.  It is recommended that you

work with a knowledgeable and experienced buyer’s agent.

 
Good news is Freddie Mac and Fannie Mae have recently announced

that they are speeding up the approval process on short sales in order

to avoid costly foreclosure proceedings.

 
If you are in the market to buy Boca Raton real estate or sell your

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