Looking to make a deal on a short sale?
When a seller owes more on their house than its value, 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, you can contact me
through my site or e-mail me
. I'm happy to address any questions you have about real estate short sales.
Are they good deals?
Occasionally. Often times people hear the term "short sale" and routinely think of a seller that is in financial trouble and must sell their home quickly to avoid further financial problems. This is occasionally 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 isn't delinquent with their payments, but property values have declined. In these cases the discounted price may in fact be closer to actual market values, not below.
What's involved in buying a short sale?
- Prior to making any purchase offers, do your research. Using an experienced REALTOR® from
Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 to help you research a property will help you make informed decisions. We can help learn to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring these facts can help you determine how much to offer.
Get a REALTOR® with short sale knowledge.
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 for you.
- Even with an experienced real estate agent and under the best circumstances, buying a short sale property will usually take longer than a typical real estate transaction. Be aware that many short sales will not close in less than 30 days. 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. A lot of the time your offer will go before a committee to approve, which will add time - sometimes even 2 to 3 months.
- Home protection 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 is" which means the lender won't be paying for repairs. Make 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 above all else and will always suggest that you make your offer contingent upon the inspection results.
When it is time 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. Utilize my experience and knowledge of real estate to feel confident you are getting a fair deal and remain protected during the entire transaction.
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