Buying Short Sales in Florida Is Often A Nightmare
If you are searching for home in Florida there are obviously quite of few choices on the table and you have no doubt come across your fair share of short sales. These short sales can be appealing as they are priced substantially less than comparable homes on the market. However, buying shorts sales in Florida is not quite that easy.
First, let's be sure you understand just what a short sale is. A short sale simply means that the owner of the house owes more money on the house than the home is worth. The reason why there are so many short sales in Florida is that so many people bought homes at the peak of the market back in 2005. Then, when the real estate market crashed so did the value of thier home. In fact, they dropped so much that their loan amount now is higher than the value of the home. Now, if the owner must sell the house they will have to do so "short" of what they owe.
As a buyer you may think this is a great opportunity to buy a home at well below market value. And, for some it is just that. However, for others buying short sales in Florida is a nightmare. There are a couple of problems when it comes to buying a short sale. First of all, you must understand that any time there has been an offer and an acceptance their is a binding contract. However, and this is where it gets tricky, just because the owner has accepted your offer doesn't mean that the bank will accept it.The way it works is the owner will present the offer to the bank and both the buyer and seller must then wait for the bank's response. Unfortunately it can quite often take many months to hear anything back from the bank and when you finally do hear back from them they may reject the offer. And, since you are technically under contract during this "waiting period" it is dangerous to put bids on other homes. Therefore, when you put an offer in on a short sale you have basically taken yourself out of the game for the time being.
That's not to say you can't find great deals on short sales in Florida. In fact, there are lots of great deals on these types of homes. However, you need to be aware of what you are getting yourself into and you must be able to play the waiting game. If you are not in a rush and have the patience to wait for the bank's response you can most definitely find great deals on short sales in Florida.
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With Florida being hit so hard when the real estate bubble burst, it is no wonder that the state has so many short sales. Buying short sales in Florida can be quite appealing to potential real estate buyers as they are listed far lower than other houses, but the process of purchasing one can be quite complicated.
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