YOUR SPECIAL AGENT
YOUR SPECIAL AGENT
Specializing in real estate services for
Buyers only in Central Florida!

Paula J. Howard - Broker
Direct: 407 351-7672

paula@yourspecialagent.com


Exclusive Buyer Agents
BUYER PROTECTION SPECIALISTS
Don't risk buying without us!



FORECLOSURES AND SHORT SALES FAQ

Q. What's the difference between foreclosure and pre-foreclosure?

A. Pre-foreclosure: Borrower fails to make payments on mortgage when due.
Foreclosure: Lender initiates action to take ownership of financed property.

Q. What is a short sale?

A. A short sale is when the borrower owes more on his property than it will sell for. The lender must approve the sales price and terms.

Q. How long will it take to get an answer on a written offer to buy?

A. It can take anywhere from a day or two to many weeks to get an answer from the lender. Other buyers may also submit offers during this time.

Q. Will the lender do any repairs?

A. Most lenders require the property to be purchased in AS IS condition. Ultimately, it will depend on the particular transaction and the lender involved.

Q. Will the lender pay any of the buyer's closing closts?

A. That depends on the lender and the particular transaction.

Q. What is my best course of action in purchasing these types of properties?

A. Hire an experienced Exclusive Buyer Agent who works solely in the Buyer's best interests.

Q. How are these properties offered for sale?

A. Most are listed on the MLS system as the bank wants to get maximum exposure to the market.

Q. How can I get an "insider deal" on a short sale or foreclosure?

A. In many cases the lender is losing money so the lender is not wanting to be charitable to a buyer. Many lenders by regulations are required to sell property to the highest bidder and must justify the selling process as competitive.


Q. Is now a good time to buy or should I wait until sellers get more desperate?

A. Now is a great time to buy. Interest rates are low and the competitive pricing is attracting multiple offers.