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Even though the term “Short Sale” is not new to the Real Estate market, it has never been used as extensively as it has during the past couple of years.
Certain areas, especially in California, Nevada, Arizona, and Florida are experiencing a very high volume of this type of transaction. There is still a lot of
confusion on the subject, so we are going to help you understand the issues better.

Normal Real Estate sales and purchases involve Buyers, Sellers, and their respective Real Estate Agents. The seller typically has enough equity in their
property to pay off their existing mortgage(s), and to cover the additional closing costs. Because of falling home prices during the past few years, this
may no longer be the case. If the seller is experiencing Financial Hardship, they sometimes find it necessary to sell
their home and will attempt to negotiate a payoff to their mortgage company(s) that is less than (“short” of) what is actually owed. Their mortgage
company(s) must first agree to the terms and conditions specified in a Short Sale Offer to complete the transaction.

Most often this added approval process will add a substantial amount of time to get to a successful closing. However, since Short Sales are usually a
Good Option for Sellers and an Excellent Value for Buyers, it may be well worth the added time and effort!

  Short Sales have, in fact, become so prevalent in recent months that we have partnered with the Certified Distressed Property Experts (CDPE)
to be able to offer you an additional FREE resource dedicated exclusively to explaining the details: Click here to view this fantastic wealth of
information.

If you are a Buyer who is considering the purchase of a Short Sale Property, you should consult with a Local or National Lender to obtain a Pre-Approval
Letter PRIOR to submitting an offer. Or, if paying by cash, you will need to supply a Proof of Funds Letter with your offer. Once your offer is accepted,
it is highly recommended that you have a thorough Home Inspection BEFORE agreeing to proceed with your purchase. You will most likely want to wait
until you have been notified in writing that your offer has been approved by the Seller’s Lender prior to arranging and paying for your inspections. An
Experienced REALTOR® can advise you of your best options.

Copyright 2010 | Bruce Kwitny | 38 Suntree Place, Ste. 2, Melbourne, FL  32940 | Phone: 321-508-7209 | RE/MAX Elite | Each Office Independently Owned & Operated