When entering the world of short sales there are a lot of unknowns, so it is extremely important that buyers understand the short sale process and set their expectations accordingly.
If you are a buyer considering pursuing a Wellington FL short sale here are a few things you can expect:
- Short Sales are NOT Short! As a Short Sale Buyer expect to WAIT. The current median days on market for a Wellington FL Short Sale is 223 days, which is just over 7 months. However every single short sale is different, some might take 30 days while others might take over a year. Typically the more lienholders the longer the process.
- Expect to pay market value! The median list to sales price ratio for short sales in Wellington is 97%, which means a home listed for $300,000 will sell for $291,000. Yes, that’s 3% off the list price, not 5%, 15% or 25%.
- Get your checkbook out! If your offer is accepted by the short sale seller expect to write a check for your initial escrow deposit.
- Have your Lender on standby! The minute you receive short sale approval from the seller the clock starts ticking and you will most likely have 30 days to close. Shopping lenders should not be done at this time.
- Be prepared for disappointment! Yes, it’s unfortunate, but short sales are not guaranteed and there is a possibility that it won’t be approved. This means you’ll have to start your home search all over.
If you are interested in buying a Short Sale make sure you understand the entire short sale process and set your expectations accordingly. Contact us today for all of your Wellington real estate needs, including Short Sales.