One example of nontraditional home buying is bidding on a short sale. In a short sale you make a purchase offer, or bid, for less than the loan amount on a home that is at risk of foreclosure.
The lender can accept your bid and take less than the current owner owes, or reject your bid. Some real estate brokers specialize in short sales and can help you submit a winning short sale bid. One thing a broker can help with is determining the value of the home, given its current condition and market conditions. Your broker can also examine the nature of the loan on the home and guide you to make a bid that results in savings for you, but still has a chance of being accepted by the lender.
Mortgage lenders won't even consider your short sale bid unless you've been preapproved for a loan in the amount of your offer. Use precise geolocation data. Select personalised content. Create a personalised content profile. Measure ad performance.
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By Elizabeth Weintraub. Learn about our editorial policies. Reviewed by Anthony Battle. Article Reviewed July 30, Search all Homes for Sale in Tampa, St. Petersburg and Clearwater. Post navigation « Listing Your Home? Pete Cheval Golf Community. Tampa, Fl 3 days ago. Elizabeth Weintraub is a nationally recognized expert in real estate, titles, and escrow. She is a licensed Realtor and broker with more than 40 years of experience in titles and escrow. Making a purchase offer on a home is always an art, but making one on a short sale listing is especially tricky.
A short sale is when homeowners sell a home for less than what they owe on a mortgage. From what you should do have plenty of patience to what you shouldn't demand extensive repairs , these tips can help you put in a short sale offer that has a good chance of getting approved by both the seller and the lender. There's no set rule for how much money to submit with your purchase offer. It says the buyer is serious. Real estate contracts typically call for the earnest money deposit to be placed into a trust account.
This protects both the buyer and the seller in the event the sale falls through. It can be tough to know how much to offer on a short sale. Some short-sale listings are deliberately priced way under market value to attract eager buyers, but that doesn't mean the home will sell at that price. The homeowner may just be fishing, and the lender may not take that much of a loss.
A real estate agent experienced with short sales can help you decide how much to offer. Any inspection you ask the seller to pay for will lower the lender's bottom line. The lowest offers are rarely accepted. Don't ask for seller-paid pest inspections, roof certifications, or home warranty plans. Even if you see a need for major repairs, don't try to negotiate them. You'll most likely need to buy the home in as-is condition. Although you might have news within three to four weeks, many lenders take at least six to eight weeks, sometimes even longer, to approve or reject short sales.
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