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Florida Mortgage | Short Sales & Bank Owned Properties

Right now one of the most popular requests that I am hearing is that someone wants to buy a bank owned or short sale property.  These two property types are very similar in that they both entail negotiating with the bank for the ultimate purchase price.

The other similarity is that in both instances you are asking the bank to take a loss on their asset - their asset is the mortgage on the property you want to purchase.  This is not always as easy as some of the Real Estate Experts might say... but if you have your ducks in a row, then it can be accomplished in a way that can save you a good bit of money on the property you want to purchase.

The most vital step in the process that is often pushed until later-on in the process is making sure that the finances are in place.

This can mean any number of things... but we can narrow them down with one simple question:

Do you have enough cash to close on the property without financing and without hurting your financial well-being?

If you answer is no... and for most people it is, then you need to pull back the reins and start at square one... get with your favorite mortgage broker, like me!

Your Mortgage Broker will help you understand the process involved in financing a short sale property.  He will also help you understand the costs...

Right now there are some amazing deals out there... foreclosures on properties with lots of equity.  Getting your team together before you start trying to find the property is important... but getting your Mortgage plan in place is key.

For more information on Short Sales and Mortgages, please follow this link to learn more about the different options of financing a short sale:

Florida Mortgage | Short Sales & Bank Owned Properties

More Florida Mortgage and Real Estate News You Can Use From
David A. Podgursky, MBA
TheMortgageGoToGuy.com
Your Source for Residential, Commercial, Investment and Relocation Mortgages in Florida

Posted Wednesday Oct 31
( 10/31/07 05:19PM ) — George Souto

David, good advice.  But I would warn Buyers who think that these are easy deals to think again.  It might get a great deal on a house, but it will not be without its share of stress.  Every short sales that I have been involved in has taken much longer than a standard purchase.  Maybe I just have been unlucky, but doing loans on people who are trying to purchase a house that is a Short Sales have not been something that I look forward to.

( 10/31/07 06:51PM ) — Matthew J Blum - MyFavoriteMortgage.net

David, I agree with George. The only thing I would I would mention is to make sure just like your Realtor has experience with Short Sales so does your Mortgage Broker. 

( 10/31/07 07:49PM ) — David A. Podgursky, MBA The Mortgage Go To Guy!

I agree totally...

and having a good team - attorney, inspector, appraiser, mortgage broker and realtor will help iron out some of the wrinkles that are inevitable in such a transaction...

 I think the Kiyosaki type programs out there are definitely making it seem easier than it is... but then that's my job to correct!

( 11/01/07 09:55AM ) — Thomas Weiss

David,

Hey Great Post!! I write alot about Short sales, and any advice on this subject is very Helpful.

I E-Mailed you back, Let me know if you got it?

Tom Weiss

( 11/14/07 03:44PM ) — David A. Podgursky, MBA The Mortgage Go To Guy!

Definitely get an agent involved...

the big thing about marketing short sales is having the control and authority to do so or else you're bound to work a lot for no pay!

make your banking relationships... and get all loans PREAPPROVED

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