Want to purchase 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. For more information, just contact me
through my site or e-mail me
. I'm happy to address any questions you have about real estate short sales.
Are short sales bargains?
Every now and then a good deal will come along. Most people hear the words "short sale" and instinctively think of a seller that is insolvent and needing to sell their home promptly to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage of 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 depreciated. In these instances the discounted price may in fact be closer to true market values instead of below.
Are you ready to buy a short sale property?
- Always do your homework before making any offers. 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 find out 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 make a decision about how much to offer.
Get 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 certain you're protected. Don't permit inexperience to hold up the closing process. Put my knowledge and experience to 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 a majority of short sales will not close in 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the discounted price. It's not uncommon that your offer will be presented to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
- Home protection plans, buyer credits and allowances, and closing cost concessions are normally not up for negotiation when working with a short sale. The lender will sell the property as seen which means the lender isn't going to pay 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 first and foremost and will always recommend that you make your offer contingent upon the outcome of the inspections.
If 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. Utilize my experience and knowledge of real estate to feel confident you are getting a fair deal and remain protected during the full matter.
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