Ready to buy a short sale?
If a homeowner is upside down on their mortgage payments, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender agrees to release the mortgage for a sum less than what's due.
Can I get a bargain on a short sale?
The short answer is "sometimes". Often times people hear the words "short sale" and automatically think of a seller that is in trouble and needs to sell their property quickly to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most 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 fallen. In these cases the reduced price may in fact be in line with true market values instead of below.
Are you ready to buy a short sale property?
- Prior to making any purchase offers, do your homework. 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 will help you make informed decisions. We can help reveal to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this info 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 slow down the closing process. Let my experience and knowledge work for you.
- Even in the best of situations and with an experienced real estate agent, buying a short sale property will generally take longer than a typical real estate transaction. Be aware that a majority of short sales will not close in the customary 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. A lot of the time your offer will go before 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 generally non-negotiable when dealing with a short sale. The lender will sell the property "as 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 am looking out for your interests above all else and will always recommend that you make your offer contingent upon the results of the inspections.
When it's time 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. Apply my experience and knowledge of real estate to be certain that you are getting a fair deal and remain protected during the complete matter.
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