Short Sales

Boca Raton comprises some of the best Palm Beach County real estate along the east coast of South Florida. Short sales can be a complicated process without the right guidance, and we are experienced professionals who can help you successfully navigate your way through the short sale process. If you are already familiar with that process, skip through the next paragraph where we explain a bit more.

Short sale homes in Boca Raton are widely available, but short sale prices are often misunderstood. The ultimate determinate of the short sale price is, of course, the bank. The owner may list the home at whatever price he or she wishes, and you may make an offer based on that price. The owner can accept your offer, but the bank has to approve the sale price before you can close your transaction. This may sound very simple, but many people don’t understand that short sale homes are often listed at prices the bank will not accept, leading to disappointment and frustration.

Approved short sale prices are those that have already been approved by the bank. Short sale listings usually specify whether or not the short sale price is approved, which takes much guesswork out of the process. It is typically in your best interest to find an approved short sale unless you are working with an experienced professional who can project the likely acceptable short sale price with the bank.

Lastly, short sale homes often have multiple offers that are submitted. This makes the short sale much more competitive than one might think, especially when the short sale price is so low. Often times, the approved short sale price is significantly higher than the listed price (in the case of not yet approved short sale listings). If you plan to make an offer on a short sale listing that is not approved, it is often a good idea to offer at least 5% higher than the listed price.

There are a wide range of distressed properties available in Boca Raton including luxury homes, luxury condos, and multi family properties. This is an excellent time to invest in a home for rental purposes, particularly with the new FHFA REO Incentive. This new initiative allows investors to buy bulk foreclosure homes for rental purposes. Investors have to pass pre-qualification stipulations which require experience in rental property management and financial stability to support the property. There are also various city supported incentives such as the Sunrise Initiative, which offers $2000 cash back on a foreclosure home if purchased as a primary residence. With interest rates at an all time low and various incentives in a great rental market, there has never been a better time to invest in a short sale or foreclosure property.

Short sale homes, foreclosure properties, and short sale condos in Boca Raton are widely available, but it can be a competitive process to strike a deal on one of these properties. Up to 25% of all real estate sales last year were foreclosure sales, and that number is expected to increase as banks begin to release back logs of foreclosure properties. If you are looking for the best Boca Raton realtors, call us.

In the meantime, utilize our property search tool to find the best REO properties for sale in Boca Raton.