Want to make a deal on a short sale?
When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on a house, it's called a short sale.
Are short sales good deals?
Occasionally. Most people hear the words "short sale" and instinctively think of a seller that is insolvent and needing to sell their home fast to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to do well from another's misfortune. More commonly, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In cases such as these the "bargain" price may in fact be consistent with current market values rather than below.
Are you ready to buy a short sale property?
- Before making any purchase offers, do your research. Using an experienced REALTOR® from
Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 to support your research of a property will help you make educated decisions. We can help reveal to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this info can help you decide how much to offer.
Get a real estate agent with short sale expertise.
Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 can aid you in expediting the transaction and ensure that you're protected. Don't permit inexperience to impede the closing process. Let my experience and knowledge work in your favor.
- 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 most short sales will not close in less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the sale terms. It's not uncommon that your offer will be seen by a committee to approve or disapprove, 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 working with a short sale. The lender will sell the property "as is" which means the lender isn't going to pay for repairs. Be sure to 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 will be looking out for your interests first and will always advise you to make your offer contingent upon the outcome of the inspections.
If you are ready 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 here to help. Use my experience and knowledge of real estate to be certain that you are getting a fair deal and will be protected during the whole transaction.
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