Hi! Julia and Matt Fishel here, Managing Agents of Suncoast Partners at Keller Williams Palm Harbor and Clearwater, Florida.
We’re going to share with you this month some tips for short sale buyers, as it’s no secret that the real estate market in Tampa Bay can be a challenge!
The term ‘short sale’ gives new meaning to the word ‘patience.’ There are numerous things that can slow down a short sale closing process, so just be prepared that the short sale process is daunting and sometimes seems to never come to an end.
As one example, a seller can have more than one loan on their home. These short sale properties are more difficult to obtain and may take considerably longer to complete. In the long run, it is best to look for homes that have only a first mortgage involved.
Since the short sales process can be long and drawn out, as a short sale buyer, it may be a good idea to have an alternative plan for your living arrangements, just in case the short sale takes longer than expected.
Sometimes a home is an “approved short sale.” As a short sale buyer, finding a home that was previously approved for a short sale can speed up the short sale process compared with starting the process on a blank slate.
In addition to our experise as Pinellas Realtors, we have Tampa Bay Foreclosure Prevention Attorneys and CPA's that will consult with you for FREE, too. Contact us Julia and Matt Fishel here or at 727-366-0324 for solutions.