Want to make a deal on a short sale?
When a lender and a seller agree to release a mortgage for an amount less than what's owed on a house, it's called a short sale. 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 phrase "short sale" and automatically think of a seller that is insolvent and must sell their home fast to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current, but property values have fallen. In these cases the discounted price may in fact be closer to current market values instead of below.
What's involved in buying a short sale?
- Before making any purchase offers, do your homework. Using a qualified 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 knowledgeable decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Finding this data can help you decide how much to offer.
Get a REALTOR® with short sale knowledge.
Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 can help expedite the transaction and make sure you're protected. Don't let inexperience hinder 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 usually take longer than a typical real estate transaction. Know that a majority of short sales will not close in 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. In most cases your offer will be presented to a committee for approval, which will add time - sometimes even 2 to 3 months.
- Home protection warranties, buyer credits and allowances, and closing cost concessions are usually non-negotiable when buying a short sale. The lender will be selling the property as seen which means the lender isn't going to pay for repairs. Always 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 will be looking out for your interests above all else and will always recommend that you make your offer contingent upon the inspection results.
When it is time to buy, whether it is a short sale or a typical home sale,
Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 is available for you. Apply my experience and knowledge of real estate to be certain that you're getting a fair deal and protect yourself during the whole process.
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