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Buyers FAQ - Should I buy a short sale or lender owned home?
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| Every buyers situation is different. Before a buyer can determine whether a short sale or a lender owned home would be the best purchase for them, they should first know what each one is and the expected time frame involved.
A short sale means the seller's lender is accepting less than the mortgage balance to release an existing mortgage. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it. Lender acceptance may depend on several elements of your offer as well such as the percentage of your down payment, closing date, other negotiated terms, and possibly whether or not you are pre-approved for a mortgage. A short sale can take 2 months to 12 months from start to close.
A lender owned home or bank owned home is one that a lender takes ownership of a property, either through an agreement with the owner during pre-foreclosure or at public auction, the lender will usually want to re-sell the property to recover the unpaid loan amount. The lender will then typically clear the title and perform needed maintenance and repair before finally listing the home for sale with a local realtor. A lender owned home can usually close under 30 days.
There are many advantages and disadvantages to both purchasing a short sale and a lender owned home. The answer on which would be best to purchase is different for each buyer depending on their situation.
Want to explore your current options? Contact a local real estate professional who has expertise working with short sales and lender owned homes.
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The Florida Real Estate Store - Serving all your Real Estate Needs !
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WE ARE YOUR NEIGHBORHOOD PROPERTY MANAGERS, SHORT SALE NEGOTIATORS AND SOURCE FOR THE LATEST LENDER OWNED AND SHORT SALE PROPERTIES...
| Welcome to The Florida Real Estate Store. Your source for all your Real Estate, Mortgage and Title Needs. Our rental and property management division is the best in town offering a full line of services for minimal prices. We have the best trained agents in the field with the highest regard for their clients best interest. With top of the line salespeople, in house mortgage experts and services that can't be beat come see why we are the one stop shop for all your real estate needs. Short Sales, Foreclosures, Lender Owned, Residential, Commercial, Agricultural, Industrial, Vacant land, Property Management, Rentals, New Construction and more. We offer professional courteous service that places us at the top of Florida's Real Estate Industry. Call us today to find out about the $8000 tax credit extention and whether or not you qualify. We have the latest lender owned homes available to the market if you are looking for a quick closing. We also offer a short sale team that can't be beat...do not let your home go into foreclosure call us today to list your home and stop foreclosure from ruining your credit....it does not cost you a thing what do you have to lose...put our experts to work for you today and give your family peace of mind. I look forward to meeting you. Best Regards, Margaret Reyes Margaret Reyes, Broker Owner |
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Advertising Is Everything
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| When selling your property the most important decision you'll make is choosing the right Realtor to market your property. The Florida Real Estate Store advertises our listings on all the top Real Estate Web sites.
We advertise our listings in both New York and Florida attracting buyers from both states. We qualify our buyers and write financing in over 15 states.
When you need dependable, honest, experienced professionals to answer your Real Estate and Mortgage questions don't hesitate to contact The Florida Real Estate Store.
We are your short sale / foreclosure specialists. |
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