Buying selling a home Orlando » short sale http://www.buyingsellinghome.com What you should know about buying or selling a home in Florida Mon, 21 Nov 2011 15:28:45 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Can I receive the first time home buyer tax credit if I buy a short sale? http://www.buyingsellinghome.com/can-i-receive-the-first-time-home-buyer-tax-credit-if-i-buy-a-short-sale/ http://www.buyingsellinghome.com/can-i-receive-the-first-time-home-buyer-tax-credit-if-i-buy-a-short-sale/#comments Wed, 06 Jan 2010 01:06:08 +0000 admin http://www.buyingsellinghome.com/?p=418 Houses being sold as a short sale make up a significant portion of listing inventories across the country.  Buyers want to know if they can still receive the first time home buyer tax credit if they buy a short sale.

 

The answer is yes as long as the house is a detached or attached home, condo or townhome and the buyers meet all the additional qualifying factors.  The only concern a buyer might have making an offer on a short sale is the time it will take to process the short sale from start to closing.  This is crucial because of the April 30,2010 time limit to have an offer on a property that closes by June 30, 2010.  Short sale transactions can take several months depending on the seller’s situation, the lender involved and the listing agents experience level.

 

Contact me to speak with a short sale real estate expert in your area.

]]> http://www.buyingsellinghome.com/can-i-receive-the-first-time-home-buyer-tax-credit-if-i-buy-a-short-sale/feed/ 0 Make sure you use a real estate agent with short sale experience http://www.buyingsellinghome.com/real-estate-agent-with-short-sale-experience/ http://www.buyingsellinghome.com/real-estate-agent-with-short-sale-experience/#comments Fri, 24 Jul 2009 01:04:16 +0000 admin http://www.buyingsellinghome.com/?p=291 If you are faced with selling your home at a price that is not sufficient to cover your mortgage you will need your lender to approve a payoff that is less than owed. This process is generally referred to as a short sale transaction.

 

Short sales are becoming common around the country. Real estate agents are able to assist homeowners with a short sale. Make sure you use a real estate agent with short sale experience.

 

A successful short sale transaction is often the result of the work put in by an experienced, knowledgeable, patient and detailed oriented agent. Before listing your home subject to a short sale, ask the agents how many short sale transactions have they personally been involved with that have closed? Ask the agent what documents and disclosures are required by the lender and have them provide you with copies to review.

 

Time is of the essence when trying to sell and close a home subject to a short sale. Make sure you list your home with an agent who not only knows what a short sale is but also fully understands the process and has a track record of getting short sales to the closing table.

]]> http://www.buyingsellinghome.com/real-estate-agent-with-short-sale-experience/feed/ 0 What is a short sale? http://www.buyingsellinghome.com/what-is-a-short-sale/ http://www.buyingsellinghome.com/what-is-a-short-sale/#comments Sun, 01 Mar 2009 20:00:22 +0000 admin http://www.buyingsellinghome.com/?p=185 Q:  What does it mean when a home is listed for sale as a short sale?

 

Many homes listed for sale are listed as being subject to a short sale.  A short sale contingency requires the lender or lenders of the home’s seller to agree to accept a payoff lower than the seller/borrower owes on the home.

]]> http://www.buyingsellinghome.com/what-is-a-short-sale/feed/ 0 Buying a short sale home http://www.buyingsellinghome.com/buying-a-short-sale-home/ http://www.buyingsellinghome.com/buying-a-short-sale-home/#comments Wed, 25 Feb 2009 03:24:03 +0000 admin http://www.buyingsellinghome.com/?p=170 Q: What are the pros and cons of buying a short sale home?

 

A short sale typically describes a home being sold with a contingency of the lender or lenders of the seller agreeing to accept less money from the seller than is owned. A positive of buying a short sale home is that you will often be able to pick up a home being sold with this contingency at a fair market value. A negative aspect of trying to buy one of these homes is the time it may take for the lender to finally decide if they are willing to accept the payoff your offer will leave the seller after costs.

 

To find out about other pros and cons of buying a short sale that you should contact your local real estate expert or attorney.

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