Every cloud has a silver lining and for many home buyers the purchase of a foreclosed property or short sale property at ultra low prices is a once in a lifetime opportunity. This may be the ideal time to purchase a foreclosed or short sale home on Amelia Island, in Fernandina Beach, Yulee or in Nassau County.

A home that has been foreclosed on is now owned by the lender, typically a bank and called an REO property or Real Estate Owned property. The banks of course are not in the business of owning homes and are happy to sell them to home buyers.

A home that is called a short sale is still owned by the seller (prior to a foreclosure), however the seller is attempting to sell the home for less money than is owed the bank/lender. The bank/lender must approve of the short sale, even after the seller has executed a contract for sale with a buyer.

Both foreclosed and short sale property can require additional clauses in the contract as well as the use of additional bank required forms. The process to purchase either of these homes can be more complex and time consuming (especially with short sales, however the reward to the buyer can be great!

As a CERTIFIED DISTRESSED PROPERTY EXPERT (CDPE) I can assist you and guide you through the process. I can help you purchase your dream home on Amelia Island, in Fernandina Beach, Yulee or in Nassau County.

Below are some points to keep in mind when buying a foreclosed or short sale property:

• Budget carefully. Make sure you have the money for needed repairs to the home.
• Obtain a pre-approval for your loan amount.
• Make sure you view the home before the purchase.
• Check landscaping in yard for vines growing into home etc..
• Include a home inspection contingency with any offer to purchase.
• Check out the area/neighborhood the home is located in.