If you are a real estate investor or thinking of becoming one, you’ve probably heard much talk about the great deals that are available by purchasing short sales. A short sale is a purchase transaction that the mortgagee accepts less than the amount due. In any declining market area the probability of short sales are greater. Florida, and many coastal areas for instance saw a steep increase in property values over a short period of time. When the real estate bubble burst, property values declined at a faster pace than they first appreciated. Of course, this left many homeowners who owed more on their homes than what their homes were worth. To use a car lot term, they were “upside down.” In this market, short sales seem to be plentiful everywhere.
Florida, it seems has become the short sales capital of America. Florida is followed by Nevada, Mississippi and Rhode Island. One rule of thumb on buying a home on a Florida short sale or a short sale anywhere is, if you are on a timeline, any timeline forget about it. You will not get to the closing table on your timeline. You will only get to the closing on the mortgagee’s timeline and usually it will be a slow grind out process. If you have the patience to get through the back and forth negotiations, the rejection and dealing with loss mitigators that seem to make no sense at all, then you might just be cut out for short sales. Unless you are a seasoned veteran with short sales experience, you really need to bring in knowledgeable people to assist you.
Your first step toward a short sales transaction is to contact an expert that has working knowledge and experience in the short sales arena. In approaching your short sales transactions in this manner, you should have a better success rate and much fewer headaches.
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