SHORT SALES - GOOD OR BAD IDEA
Real Estate News
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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Joleen Nicodemus
We can handle all the short sale paperwork for you, as well as getting you the max commission rate and lower sales price on properties. We can also offer foreclosure defense if needed and credit restoration for the seller so that they can buy a replacement property. Please contact me. Thanks, Joleen