Short sales in Ft Lauderdale

Ft Lauderdale Short Sales| Ft Lauderdale Real Estate

Do I really want to buy a Ft Lauderdale Shortsale?

Short sales in Ft Lauderdale can be a very stressfull to the Buyer and all others involved.  Lets first define what a shortsale is.  A short sale is a sale of a Ft Lauderdale home or condo where the lender of the property has agreed to accept a payoff amount that is lower than the amount owed on the property. 

To get the lender to agree to the sale is the hard part.  The current owner has to prove they have been through a hardship in their life and show their income has been drastically reduced.  Banks seem to take anywhere from 3-6 months or even longer after the offer has been received to approve the sale of the property, or they then decide to counter offer.  We've seen Ft Lauderdale short sales that are still in process with the bank for over 1 year.  Sometimes the buyer finds out that the lender will not approve the sale after a 6 month wait because the seller has not proven a hardship.  While most banks not only make the buyer wait so long for an answer they also usually make some kind of counter offer.

So next time you ask your Ft Lauderdale Realtors I want a short sale you may just want to re-think that and ask for a great deal instead.  There are plenty of those in the the Ft Lauderdale Real Estate market with regular sales and REO's (Real Estate Owned - Bank owned properties).  Ft Lauderdale Realtors Eric Miller and Associates are experts in distressed properties and would be glad to help you out in your search for short sales in the Ft Lauderdale real estate market.

Eric Miller REALTOR®
eXp Realty Fort Lauderdale
Direct: (954) 383-8170