Buying or selling on a short sale?

If you’re buying or investing in residential property in Palm Beach or Martin counties, this may be the best real estate market in years to consider a short sale. Closing usually takes longer, but it may be well worth it. Even luxury housing is offered on short sale now.  

What is a short sale on a house? 

It’s when a homeowner can’t keep up with mortgage payments and will sell for less than the mortgage balance, avoiding foreclosure. Florida law requires the lender to approve this type of transaction. Most lenders will consider a reasonable discount, as much as 20% off the cost of the property’s fair market value.  

Lang Realty specializes in short sales and keeps up-to-date listings on condos and homes on short sales for every budget, from $200,000 to $1 million plus.

Location-wise, Lang Realty can help you find current short sales on the market in Boca Raton, Boynton Beach, Delray Beach, Gulf Stream, Highland Beach, West Palm Beach, Palm Beach, Palm Beach Gardens, Jupiter, Manalapan, Wellington and Port St. Lucie.  

If you’re a home or condo owner who has opted to sell on a short sale, this is a legal process and you’ll want to ask your Lang Realty agent for a specialized attorney who can walk you through the transaction. For instance, you will have to prove default. If you want to know “after a short sale, when can I buy a house?” or how long after a short sale can I buy a home?

That will depend on your credit score and how long it takes you to recover financially.