Florida Home Buyers and Investors Blog

Bargain hunters beware.  Short-Sales are everywhere.  Knowing what to expect and have realistic expectations will go a long way into ensuring a successful transaction.

#1.  Be flexible with your offer.  OK we all know you are bottom fishing, but have some room to negotiate with the bank.  Bank negotiators always want a little something extra, so they can tell the investor who owns the actual note, they got them more dough.  Even though the property is selling for less than 50% of the actual note value.

#2. If you are paying CASH, you won't be treated any differently. Although you have the ability to close quicker, it may help later in the negotiating.

#3. If you are financing, don't wait until the bank accepts to fill out the 1003 Loan Application and get approved.  With the banks turning off the lending faucet, you may just end up wasting everyone time.

#4. When your Buyers Agent does not call you for 4 weeks, don't worry, I'm sure they are monitoring the file, and will contact you when the lender finally gets their act together.  These things take T-I-M-E and banks are overwhelmed with Short-Sale files.  Again, be flexible, at the end you will be getting a great deal if you are willing to wait.

#5. Don't let the sellers agent submit more than 1 offer at a time to the lender. (#5 could be moved up on the order)

#6. Show up at the closing table and smile!  you succeeded where many have failed.

Now go out and find a great Short-Sale to enjoy.  Remember we buy homes to live in, make our own and enjoy.