Want to buy a short sale?
If a homeowner 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 an amount less than what's due. Should you have any questions regarding real estate in Sherman Oaks, California, contact me here or e-mail me
Can I get a good deal on a short sale?
The short answer is "sometimes". Often times people hear the words "short sale" and routinely think of a seller that is in financial trouble and needs to sell their property fast to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to cash in on another's misfortune. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In these cases the "bargain" price may in fact be closer to current market values instead of below.
Are you ready to buy a short sale property?
- Before making any purchase offers, do your research. Using an experienced real estate agent from
Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 to assist you with researching a property can help you make informed decisions. We can help learn to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Having this data can help you decide how much to offer.
Hire a real estate professional with short sale expertise.
Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 can help expedite the transaction and ensure that you're protected. Don't let inexperience impede the closing process. Let my experience and knowledge work for you.
- Even in the best of situations and with an experienced real estate agent, buying a short sale property will generally take longer than a typical real estate transaction. Be informed that many short sales will not close in 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 discounted price. 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 usually not up for negotiation when dealing with a short sale. The lender is selling the property just the way it is which means the lender will not be paying for repairs. Make 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'm looking out for your interests above all else and will always recommend that you make your offer contingent upon the inspection results.
When you are 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 you. Apply my experience and knowledge of real estate to feel confident that you're getting a fair deal and are protected during the whole process.
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