Want to buy a short sale?
A short sale means the homeowner's lender agrees to receive a reduced sum to release a mortgage.
Can I get a bargain on a short sale?
The short answer is "sometimes". Most people hear the words "short sale" and automatically think of a seller that is in trouble and needing to sell their house promptly 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. On the other hand, a lender may consider a short sale even if the seller is current with their mortgage, but property values have declined. In these cases the reduced price may in fact be consistent with current market values, not below.
How do I buy a short sale?
- Always do your homework before making any offers. Using a knowledgeable real estate agent from
Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 to support your research of a property can help you make educated decisions. We can help find out to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Getting this information can help you determine how much to offer.
Use a REALTOR® with short sale expertise.
Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 can help expedite the transaction and ensure that you're protected. Don't permit inexperience to hold up the closing process. Let my experience and knowledge work in your favor.
- Even with an experienced real estate agent and under the best of situations, buying a short sale property will generally take longer than a typical real estate transaction. Know that many 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 discounted price. Commonly, your offer will be sent to a committee for approval, which will add time - sometimes even 2 to 3 months.
- Home protection plans, buyer credits and allowances, and closing cost concessions are generally non-negotiable when buying a short sale. The lender is selling the property just the way it is which means the lender will not be paying for repairs. Make sure to 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 will be looking out for your interests above all else 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 is here to help. Utilize my experience and knowledge of real estate to feel confident that you are getting a fair deal and are protected during the entire process.
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