Bookmark our site !

About Short sales and the issues in Cape Coral, Fort Myers, S.W. Florida.

Presented By Sunny Spot Realty Inc. Joseph Beauvais" Exclusive Buyers agents team."

It is a lot to read but a home is a lot to spend. I took the time, will you?

What is a Short Sale & How Does It Work ???
80% of buyers are attracted to short sales for one reason only. Price

A short sale is a seller wanting to sell before foreclosure and is selling below what they owe the lender. The agent and seller 100% of the time have set the price without getting approval from the owner (bank).

1. If the home is listed for sale prior to the following steps, the lender will not even consider an offer.

2. In most cases the seller must be 3 months behind on payments to qualify to apply to the lender for a short sale.

3. The seller must prove they cannot pay showing income, assets and liabilities.

4. They cannot own another home or property to qualify.

5. If a second lender is liable and would not be satisfied by the offer (equity line loans) then negotiations between lenders takes a lot of time and may not consummate.

6. How do you find out if there are two lenders? Ask!

7. Bank approved short sales is a misnomer. Unless the bank has approved the sales price in writing it is of no value. Even if they have approved the price, this may change as personnel and the market changes. Is it really bank approved in the first place? Try to find out. You will be chasing your tail to get a copy of that fact. I have never seen one.

8. Most all short sales are in the process of foreclosure. After many months of waiting for an answer to your offer, it may well end up fruitless. If foreclosed while waiting, the seller no longer has the right to accept your offer. Nor the lender.

9. As of April of 2010 they must accept offers quicker. While the bank will accept your offer, they still accept other offers over many months.
Thus, you are tied up until they decide to accept an offer or not. Depending how the offer was written, you may or may not get your deposit back should you get tired of waiting and missing other great buys.

10. Short sales are like auctions "Buyer Beware". Foreclosures they clean up title, boot out renters and pay off liens. Short sales, this is not done.

Short sales are “as is”. This means whatever is wrong with the home is your job to find out. A very good inspector is a must.

The offer (short sales)

Once you put a deposit on the offer to purchase. Will the bank sign the contract? No.
Will the bank Counter offer? Most cases NO!
If the bank accepts the offer and you have a closing date. Will the bank sign the contract accepting the terms of the contract? NO!
What the means is that the closing date and terms of the contract has little value. If the bank does not live up to the contract you must suffer the consequences with little or no recourse. Find storage for your belongings until the bank closes.

In a small percent a closing can go well. But you have been warned on what can go wrong. Talk to an attorney to find out what happens to your deposit once a contract is signed and you decide not to close because of details you find out later or you get tired of waiting many months for an answer.

Why agents even take a short sale? Remember PRICE makes their phone ring and now they have
YOU a buyer to work with. This is the best buyer magnet I have ever seen. I do not need tricks nor magnets to attract buyers. Honesty is the best way!

You have searched for short sales and found my site because you are a buyer and want a bargain. Right?