Short Sale and Foreclosure Listings in Clermont Florida.
Foreclosures / Bank Owned properties
They can be a great way to purchase a property for what can sometimes be a great deal. Here are some of the important factors when dealing with a Bank Owned or Foreclosure listing .
- The seller is the bank or financial institution who foreclosed on the home.
- The home is sold “As Is” Banks may make some repairs if required by your lender or the county or city.
- Contracts will be on the Bank’s contract, which is lengthy and can not be changed. You can and should have it reviewed by a real estate attorney.
- Buyers are typically responsible for all closing costs even those that are typically paid by sellers.
- Closings can close in a normal time frame, usually between 30 to 45 days for a financed transaction.
Short Sales / Pre-Forcclosure properties
Short Sales can also be great deals.
- The seller is the owner of the home who is in the foreclosure process.
- The offer is presented to the seller who can negotiate with the buyer to acceptable terms. however, the sellers lender has to approve the price and terms of the sale.
- Sellers are sometimes motivated to accept a low offer to get the short sale process started with their lender, so it is always best to offer your highest and best price. Remember, the lender will be making the final decision.
- Approval can take several weeks to months to complete, so patients is necessary.
- The lender can accept the offer or deny the offer with a counter offer with a price and terms they will accept. They can also foreclose on the home before the approval, which will terminate the contract.
- The condition of the property can very, but expect to have some maintenance and repairs.
Both types of properties can be very competitive, many times receiving multiple offers. Buyers need to be prepared to submit their highest and best offer on the but if you have the time and patients, it can be worth the extra effort.
Jason is Certified as an SFR, Short Sale and Foreclosure Resource, and has helped many buyers successfully offer and close on a Foreclosure or Short Sale listing. If you are interested in purchasing a short sale or foreclosure property, Jason will guide you through the entire process, from structuring your initial offer to a successful closing.