Short Sale Process: Buyer

»The Short Sale Process: Buyer

As a buyer involved in a short sale it is important to work closely with an agent who understands the short sale process. You can expect to get a good deal based on the market price, but must understand that the process takes longer, so you have to remain patient. Normally, an offer is submitted to the bank(s) for approval. After the offer is submitted, the bank normally takes 45 - 60 days to evaluate the offer and respond with an acceptance, rejection or counter offer. Remember, all offers made are subject to the lender's approval.

After the short sale is approved by the bank, or banks if there are multiple mortgages, the buyer must be ready to close quickly as often times the lender's will condition their acceptance on a closing date. Right now bank's are looking to close quickly with buyer's who have good credit and money to bring to the table. Often times a buyer can obtain a property at 80% or less of the market value through the process of a short sale. If your looking for a good deal on a home or an investment property at a price well below the market value, then foreclosure listings are a great opportunity for you. Contact Harris Gilbert directly at (786) 371-4431 so we can search the area for a short sale properties.