Customized purchase agreements could benefit short sale buyers

Investors in Florida who pick up properties as short sales might get good value, but they must protect their interests. The purchase agreement forms the backbone of the deal just like any other type of real estate purchase. An investor has the option of working independently or partnering with a real estate agent. Either approach requires careful attention to the details.

An investor who pursues a short sale opportunity without an agent might wish to develop the terms of the purchase agreement with the advice of an attorney. Pulling a generic purchase agreement form off of the internet might not cover issues specific to the property, and the buyer would have no guarantee that the agreement complies fully with state real estate laws. Copying agreements used by local realtors without permission might infringe upon their copyrights.

When a person wants the support of an agent, a search for someone who specializes in short sales would be appropriate. An agent possessing that expertise could handle communications with the lender or asset management company. The agent could prepare an agreement and write amendments that specifically apply to the property. A market analysis researched by an agent might also convince the lender that the potential buyer is making a fair offer based on the current value of the property.

Whether approaching a purchase independently or with an agent, a person may benefit from legal representation. An attorney may strive to draft a purchase agreement that favors the buyer. This might require some negotiations with the seller or lender, but the effort could eventually limit liabilities for the buyer. An attorney may also be able to review other aspects of real estate transactions, such as title issues, property disclosures or inspections. With legal representation, a person might resolve potential problems before committing to a deal.