Wellington Short Sales

I’m considering purchasing a short sale, bank owned, or foreclosed home. What should I be expecting?

While the foreclosure and bank owned market is starting to decrease, buyers are finding more short sale homes on the market. The main difference between a short sale in a foreclosure is that the foreclosure is where the previous homeowner has simply walked away without any communication to the lender and the lender has no other choice but to foreclose on the property and try to get it resold. A short sale is quite different in that the previous homeowner or borrow work has been in communication with the lender and they are working out a situation and transaction that will work for both parties. Many times the sellers are still in the property so you’re likely to see a home in better condition than a foreclosure. Many times foreclosures are in need of a lot of repair and TLC. Homeowners that don’t take the time to discuss their concerns and their financial situation with their lenders also tend not to care for the home after the fact. Appliances may be missing, cabinets may be destroyed, carpet may be in disrepair, and walls may be in need of a lot of care. While this is not always the case it is something that you should expect.

Many investors will jump on short sales and foreclosures and then six them up to flip them. This is something any homeowner can do themselves but you need to make sure it is within your budget and cost effective to do so. Investors usually have a waiting period after a home like this is listed so that owner occupied buyers can have first dibs at the property. After the waiting period investors are free to come in with their offers which are usually full price and cash out.

After a short sale or foreclosure lenders are a little bit more wary of whom they lend money to so many times you will need to go through the banks process and there regulations and rules to apply for a home loan. They are not as willing to let things go easier so you will need to make sure you are a low risk home buyer in order to purchase a Wellington short sale or foreclosure.

One of the best things about a short sale or foreclosure is the low market value. You typically going to get a great deal but may have to put some of that money back into repairing the home. To find the best deal its imperative to go with a real estate agent in your area was Wellington real estate area that deals with foreclosures and short sales. This way you can get a great idea of how to purchase, how to deal with the bank involved, and how to get the home closed as quickly as possible. Let us know if you’re interested and we can get started on the short sale and foreclosure home buying process.

Your Wellington Real Estate and Rental Professionals

We are Wellington Realtors® and whether you are buying, investing, selling, or renting your home anywhere in Palm Beach County we can help that transaction close quickly, effectively, for the right price and the right terms. Wondering where to live in Florida? Consider the Wellington area as your destination of choice. Contact us anytime for a more detailed and personal approach to your home buying, renting, or selling experience.