Educating,Buyers,Short,Sales,Y education Educating Buyers on Short Sales


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You have done your homework and decided whattype of Ft. Lauderdale real estate best suits your lifestyle.  It is time to make some more decisionsbefore you start actively searching for your dream home.  While looking through the listings youhave found multiple properties that state they are “short sales” – do you haveany idea what that means or what the process entails?In extremely simplified terms – a short salemeans that someone is offering their Ft. Lauderdale real estate for less thanthe amount of the current mortgage they hold.  This can be a good thing or it can be a total nightmare ifyou are not prepared for the process and everything entailed in purchasing a shortsale property.  This is a situationwhere your Ft. Lauderdale real estate professional who is experienced in theshort sale process is critical. Not every Realtor is experienced in this area.  Just as you would not see a dentist if you had a stomach ache,you do not want a real estate professional who specializes in new constructionif you are looking at a short sale property.The short sale process can be overwhelmingand is very confusing.  It isimperative that not only your Realtor is experienced in this area, but thatyour lender is as well.  A shortsale can take as little as three weeks however, it normally takes many monthsand if you as a Ft. Lauderdale real estate buyer are not educated in the process– you can lose your dream home because of time it takes to get it approved.Once you have found a Ft. Lauderdale realestate professional who knows the process inside and out – and that person hashelped you thoroughly understand what you are getting yourself into, then andonly then should you proceed with a short sale.  It helps if you look at properties that have already beenpre-approved by the owning bank (or financial institution).  Ensure that the title to the propertyis free and clear and actually owned by the financial institution that has“pre-approved” the sale at the lower amount.  This is where the expertise of your Ft. Lauderdale realestate professional comes in.  Heor she knows the right people to call and has the resources to confirm whoholds the title to the property.You also need your Ft. Lauderdale real estateprofessional to ensure that when an offer is made, that should it take too longor you find another home while you are awaiting an answer that you can takeyour offer off the table without losing any good faith deposits that you haveput down.  Short sales can verytricky, but they can also be incredible deals if you have the time and patienceto go through the process.  So makesure that your Ft. Lauderdale real estate professional has the experiencenecessary to deal with

Educating,Buyers,Short,Sales,Y

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