Looking to buy a short sale?
A short sale happens when the homeowner's lender has agreed to accept a reduced amount to release a mortgage. If you have questions about real estate in Sherman Oaks, California, contact me here or e-mail me
Can I get a bargain on a short sale?
Sometimes. Often times people hear the phrase "short sale" and instinctively think of a seller that is insolvent and needing to sell their home fast to avert 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 is current, but property values have fallen. In these instances the discounted price may in fact be consistent with current market values, not below.
How do I buy a short sale?
- Prior to making any purchase offers, do your homework. 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 educated decisions. We can help reveal to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Locating this information can help you decide how much to offer.
Use an agent with short sale experience.
Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 can help expedite the transaction and make sure you're protected. Don't permit inexperience to impede the closing process. Put my experience and knowledge to work in your favor.
- Even with an experienced real estate agent and under the best of situations, buying a short sale property will usually take longer than a typical real estate transaction. Be aware that most short sales will not close in 30 days or less. 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. In most cases your offer will be presented to a committee to approve, 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 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 have the property inspected 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 foremost and will always advise you to make your offer contingent upon the inspection results.
When it's 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 is here to help. Use my experience and knowledge of real estate to make sure that you're getting a fair deal and protect yourself during the full transaction.
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