Buyers and investors are finding great bargains on Boca Raton short sales in most neighborhoods and price ranges. A short sale is a pre-foreclosure that has not gone through the formal Florida foreclosure process yet. Right now, a foreclosure is taking up to two years from the time it is processed. A short sale can be bought before the lender takes possession of the property with the seller’s lender’s permission. Since the owner is still in possession of the property, short sales tend to be in better condition that REO properties. While there is never a guarantee that the seller’s lender will accept a short sale offer, understanding how the process works and working with a local Boca Raton Realtor increases your chances of successfully securing a short sale property. When you purchase a short sale you are helping the seller avoid a foreclosure, helping the lender save money because they do not have to hire an attorney to conduct the foreclosure process and you are getting a property at or below market value with built in equity.

Value of Working with a Boca Raton Realtor

A Boca Raton Real Estate Agent understands the short sale process. They work with lenders all the time on short sales. The agent can guide you through the process, help you write an offer that has a better chance of being accepted and work with you during the escrow period through closing by keeping you up to date on the process. The agent can also refer to you vendors such as home inspectors, contractors, mortgage brokers and movers.

Boca Raton Short Sale Advantages

If you have cash, you have an advantage because the lender and the seller want to know that you can close quickly. A short sale can take up to six months or longer to get a response and close so you need to be patient and committed to purchasing the property. If you are not in a hurry, then a short sale is a good alternative to purchasing a REO property. There is less competition with other buyers when you purchase short sale because many buyers are unable to wait for the lender’s response and need to move into a home right away. You can conduct an inspection and obtain title insurance. Many properties are in move in condition or just need minor cosmetic repairs. Investors recognize the value of purchasing a short sale because they know they are getting discounted property that will yield them a high rate of return on their money.

For more information about Boca Raton short sales and other properties, please contact our team today!