Buying a Short Sale in Melbourne, Florida
If you are interested in buying a home in Melbourne, FL, you are researching all of your options for purchases. You’re putting together the facts about neighborhoods, school districts, price, comparables in the area, and what you are looking for in a home. You may have noticed browsing through online real estate marketplaces there are options like short sales and foreclosures that have low prices. It’s essential to get the information you need to make the best home buying decision.
What Is a Short Sale?
It’s important to understand that a short sale is not a foreclosure. This type of purchase is more voluntary and has fewer obstacles than a foreclosure. A homeowner decides to go through with a short sale because their home value has dropped below how much they owe on their mortgage. Once this decision is made, the loaning bank must approve the deal.
Can You Negotiate the Price of a Short Sale?
When looking through real estate marketplaces online, the cost of the home is already low, but you believe it can be dropped. You are in luck. You can negotiate the price of a short sale. Although negotiating has a lot more to do with the seller than the buyer, it is vital to have a knowledgeable real estate agent that can guide you through the process. Your real estate agent can help you understand the type of offer price that the listing has. There are different types of prices postings like:
- List Price
- Broker’s Price Opinion
- Local Buyer’s Agent Opinion
- Local Appraiser’s Opinion
- Buyer’s Lender’s Appraisal
Your real estate agent can help craft the perfect negotiation. Just like with any home negotiation, you should always be prepared. Don’t be surprised if your offer is denied or are presented with a counter offer. Having a knowledgeable short sale real estate agent on your side can make the difference when negotiating price.
Risks of Buying Short Sale Homes
Buying short sale homes in Melbourne, Florida, isn’t always straightforward. The buying process can come with a few risks and obstacles.
- The process can be very long, so if you are trying to make a home purchase quickly, you may want to look at traditional buying options.
- The process can involve more than one lender. The mortgage provider gets the final say in the buying price.
- The lender can be slow to respond or not respond at all to the offer.
- The property is usually sold ‘as is,’ so they will not repair any issues to the home.
- The mortgage holder usually favors cash offers and considerably high down payments. The mortgage company is already losing money on the purchase, and they would rather cut out increased risk.
Knowing the risks of buying a short sale home is extremely important since you don’t want to jump into owning a home with issues, waiting long periods, or putting all your savings on a home.
Benefits of Buying Short Sale Homes
Just as important as it is to know the risks, it is also essential to know the benefits of buying a short sale home in Melbourne, Florida. Here is a list of the benefits of purchasing:
- Lower price compared to your typical home for sale.
- Since the bank is taking a loss on the house, it might offer beneficial financing terms like low-interest rates.
The bottom line is that buying a short sale home is all about the low cost. The potential hassle of the buying process may be worth the selling price.
Hire a Short Sale Expert in Melbourne, Florida
Once you are finished thoroughly researching your home buying options, you’ll need to find an experienced real estate agent that has helped others buy and sell short sales. Shamika Sells has 235,000 success stories and nearly 500,000 happy customers. Her mission is to make sure you get the home of your dreams for an affordable price. Shamika works with you to define expectations, learn about your goals, and then performs all the work to make your home buying dreams come true. Call Shamika Sells at 407-930-9570 or use our contact page. Let’s make your home buying dreams a reality.