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Can You Find The Great Deal Among The Nine Remaining Short Sales In Tallahassee?

Back in the darkest days of the housing market collapse, you could find short sales in Tallahassee at amazingly low prices.

Today, there are only nine that are available, and one is a downright steal!

Current Short Sales In Tallahassee

Short Sales

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What Kind Of Short Sales Exist In Tallahassee?

Current Short Sales In TallahasseeThere are nine short sales actively marketed for sale and not under contract right now, and they range in value from $115,000 to $650,000.

While I can't predict which one will blow you away, I can say that when you can buy an all-brick four bedroom home on a third of an acre of land (in-town) for under $150,000, perhaps you should be "blown away!"

What Is A Short Sale?

Prior to the collapse of the housing market in 2006, I had never heard the term "short sale." While I am sure that it existed, my firm just did not spend that much time with distressed property.

All of that changed though. By 2011, 1 in every 3 home sales occurred in a distressed situation, and half of those were all short sales (meaning 1 in every 6 homes sold in 2011 was a short sale!).

So what actually does "short sale" mean?

A short sale is a situation where a home is being marketed at a price that will fall short of the existing liens against the home. For example, a home that is being sold at $250K that has an existing loan of $350K. The "short" in short sale means that the seller is hoping to sell it for less than is owed with the expectation that the bank will approve the sale.

Buyer Risks During Short Sales

You should not go about buying a short sale in Tallahassee without some seriously experienced assistance. It is EASY to get a short sale under contract, even at a price that will make you feel like you have stolen it.

But getting that super-low priced home to closing is an altogether different story. Why?

Because the people at the banks that are in the position to approve or disapprove of your contract are not stupid.

They have a rough idea of the value of the property, so you need your home buying specialist to "sell" the bank on your deal, and that takes experience and finesse. Knowing the RIGHT price to pay for a particular short sale is the difference between success and failure.

Also, while awaiting a response from the bank, you might find yourself paying for different third-party services (like home inspections) if your contract is prepared favorably for the bank (rather than for you or the home seller). Since short sales require at least one 3rd party approval, you need to know that time frames for acceptance and closing will not jive with traditional norms.

This means that somebody buying a short sale has to have flexibility in their time line for buying. If you are in a lease that requires you to leave a home at a certain date, you better have a "Plan B" or you might find yourself in a hotel for a few weeks or even months. Make sure you speak with your home buying specialist specifically about short sale time frames before you choose to pursue buying one.

How To Buy A Short Sale

The key is to first select the real estate buyer's agent that can best help you navigate the smartest process for buying a short sale in Tallahassee. Don't start by selecting a home and making an offer with the agent that you bump in to, rather pick somebody that will get you the best deal and ensure that you do not lose money along the way (and of course, make sure the seller pays for your agent's service).

If you are interested in pursuing a short sale, we would love to interview for the job of being your buyer's agent. Simply drop me a note and we'll be in touch right away.

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