What to Know About Short Sales
If you find a short sale that you’re interested in learning more about, you might want to dive in and call the listing agent right away – but that can be a huge mistake. Here’s what you need to know first.
What to Know About Short Sales
Call your real estate agent – not the listing agent – before you make any kinds of decisions (even about seeing a short sale in person). Your agent will be able to research the listing before you get too excited.
Here’s what you need to remember about short sales:
- Your agent can find out how much the sellers owe on the home and the number of loans that are recorded on it. A second or third mortgage on a home can derail your entire short sale “bargain.”
- You need to work with an agent who understands short sales – and who has closed these types of deals before. They’re not the same as traditional real estate sales.
- The seller has to complete a short sale package, and you should be allowed to make sure it’s complete. It has to include a seller’s hardship letter, tax returns and payroll stubs, as well as W2s, a financial statement and bank statements. You’re not going to physically see these documents, but the seller can’t qualify for the short sale unless this package is complete; if it’s not, you could be wasting your time.
Are You Looking for Short Sales in Tampa’s Suburbs?
If you’re thinking about moving to Tampa, check out the links below to search for homes with just one click:
When you’re ready to start looking at homes for sale in Hillsborough County, Pasco County or Pinellas County, we’re here to help.
Call us at 727-584-8480 or 813-961-6000. If it’s easier, get in touch with us online. We’ll begin searching for your new home right away.
