Looking 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 a house, it's called a short sale. For more information, you can contact me
through my site or e-mail me
. I'm glad to answer questions you have about real estate short sales.
Are they good deals?
The short answer is "sometimes". Many people hear the words "short sale" and automatically think of a seller that is in default and needs 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 take advantage 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 depreciated. In these instances the discounted price may in fact be consistent with current market values rather than below.
Are you ready to buy a short sale property?
- Always do your homework before making any offers. Using an experienced real estate professional from
Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 to support your research of a property will help you make informed decisions. We can help discover to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Having this data can help you decide how much to offer.
Get a real estate agent with short sale expertise.
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 let inexperience delay 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 probably take longer than a typical real estate transaction. Be aware that most short sales will not close in the customary 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. A lot of the time your offer will be seen by a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
- Home protection warranties, buyer credits and allowances, and closing cost concessions are usually not up for negotiation when dealing with a short sale. The lender will be selling the property "as is" which means the lender isn't going to pay for repairs. Be sure you 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 am looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the inspection results.
If you are ready to buy, whether it is 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 feel confident you are getting a fair deal and protect yourself during the entire deal.
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