Most buyers are nervous with the mention of a Short Sale Florida Real Estate Property Listing. They do not fully understand what is involved with this type of property transfer. Short Sales have a longer time to be aquired than a regular sale, and I am thrilled to say this time frame is more reasonable today than what previously was dealt to us. Short Sales were meant to involve only the mortgage or mortgages on a residential property. Short Sales take into consideration the sellers finances and hardship.
Complications arise when other variables are thrown into the sale of a distressed property, such as unpaid condominium fees, outstanding home owner association fees, liens, unsettling Internal Revenue Service Tax Liens, extra mortgages beyond the first or second and bankruptcy. The seller's time frame ( not the buyers time frame) in selling their home is another matter that can turn a short sale into a foreclosure due to the lagging wait where the home has went into auction status instead of being sold as a short sale in a pre-foreclosure status. These external factors were not to be a consideration with a short sale, as this challenging process was intended soley for the mortgage.
Yet, here we are with all of these circumstances. According to Paul Ownes from the Sun Sentinel, Short Sales are outnumbering foreclosures. http://articles.sun-sentinel.com/2012-04-22/features/fl-short-sales-20120422_1_short-sales-foreclosure-sales-housing-recovery . Short sales are part of today's market and the new way of selling and buying South Florida properties.
Buyers cannot look and judge a short sale the way they would a regular sale. They need to understand the contract is usually written as As/Is. The Seller has no money for repairs or replacement of appliances, roof leaks, or other problematic circumstances that the inspection report may discover. The buyer should realize and understand they can opt to have the inspection report performed immediately or after the home is approved. This inspection period is usually dependent on the contingency of walking away if not satisfied with the outcome of this report. This is not the typical regular sale where the seller will repair or replace items inside the home. The buyer needs to be aware of this from the beginning. The seller is walking away from their home due to factors stemming from such matters as divorce, death, insolvency, illness, and unemployment.
Work with a realtor who has the knowledge and background to help you! Call Susan J Penn, PA, EWM Realtor to help you list your property of help you in the purchase of a short sale at 954-557-5993. www.susanpenn.com