Ready to purchase a short sale?
When a lender and a seller agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale. Should you have 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?
Occasionally. Many people hear the term "short sale" and routinely think of a seller that is in 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 cases such as these the reduced price may in fact be in line with current market values, not below.
How do I buy a short sale?
- Before you make any purchase offers, do your homework. Using a qualified real estate professional from
Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 to assist you with researching a property will help you make knowledgeable 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. Getting this info can help you decide how much to offer.
Use an agent with short sale knowledge.
Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 can assist you in expediting the transaction and make sure you're protected. Don't let inexperience delay 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 generally take longer than a typical real estate transaction. Be informed 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 sale terms. A lot of the time 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 normally not negotiable when working with a short sale. The lender is selling the property as seen which means the lender will not be paying for repairs. Always reserve the right to have 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 first and will always suggest that you make your offer contingent upon the results of the inspections.
When 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 is available for you. Use my experience and knowledge of real estate to make sure that you are getting a fair deal and protect yourself during the entire process.
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