Looking to make a deal on a short sale?
If a seller is upside down on their mortgage payments, they can sometimes get the lender to agree to a short sale, whereby the lender agrees to release the mortgage for a sum less than what's due. For more information, just contact me
through my site or e-mail me
. I'm happy to address questions you have about real estate short sales.
Are short sales good deals?
Occasionally. Most people hear the words "short sale" and automatically think of a seller that is in default and must sell their home quickly to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. More commonly, a lender may consider a short sale even if the seller is current, but property values have depreciated. In cases such as these the reduced price may in fact be consistent with actual market values instead of below.
How do I buy a short sale?
- Before making any purchase offers, do your research. Using a qualified real estate professional from
Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 to help you research a property can help you make informed decisions. We can help discover to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this information can help you determine how much to offer.
Use a real estate professional with short sale experience.
Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 can assist you in expediting the transaction and make certain you're protected. Don't allow inexperience to slow down the closing process. Let my experience and knowledge work for you.
- Even with an experienced real estate agent and under the best of situations, buying a short sale property will generally take longer than a typical real estate transaction. Know that most short sales will not close in the customary 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the discounted price. In most cases your offer will be seen by 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 normally non-negotiable when buying a short sale. The lender is selling the property as seen which means the lender won't be paying for repairs. Be sure you reserve the right to perform inspections 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 am looking out for your interests above all else and will always recommend that you make your offer contingent upon the results of the inspections.
If you're ready to buy, whether it's a short sale or a typical home sale,
Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 can help you. Use my experience and knowledge of real estate to be certain you are getting a fair deal and protect yourself during the whole purchase transaction.
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