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Ready to make a deal on a short sale?

If a homeowner is upside down on their mortgage payments, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender consents to release the mortgage for an amount less than what's owed. For more information, simply contact me through my site or e-mail me. I'm glad to answer any questions you have about real estate short sales.

Purchasing a short sale in Sherman Oaks, California on your own is risky. Contact Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 for expert advice.

Are short sales good deals?

From time to time, yes. Often times people hear the term "short sale" and automatically think of a seller that is in financial trouble and needing to sell their house quickly to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current with their mortgage, but property values have fallen. In these instances the reduced price may in fact be in line with actual market values, not below.

How do I buy a short sale?

  • Always do your research before making any offers. Using a knowledgeable real estate professional from Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 to support your research of a property will help you make knowledgeable decisions. We can help discover to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this info can help you determine how much to offer.
  • Hire a real estate agent with short sale expertise. Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 can assist you in expediting the transaction and make sure you're protected. Don't let inexperience hold up the closing process. Put my knowledge and experience to work for you.

  • Even with an experienced real estate agent and under the best circumstances, buying a short sale property will generally take longer than a typical real estate transaction. Be informed that most short sales will not close in the customary 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the terms of the sale. Commonly, your offer will be sent to a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are typically non-negotiable when buying a short sale. The lender will sell the property as seen which means the lender isn't going to pay for repairs. Be sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090, when I write an offer, I'm looking out for your interests above all else and will always recommend that you make your offer contingent upon the outcome of the inspections.
If you're ready to buy, whether it be a short sale or a typical home sale, Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 can help. Use my experience and knowledge of real estate to be certain that you're getting a fair deal and will be protected during the whole deal.

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