If a seller owes more on their house than its value, they can sometimes get the lender to agree to a short sale, whereby the lender agrees to release the mortgage for an amount less than what's owed.
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Can I get a bargain on a short sale?
Occasionally. Many people hear the words "short sale" and routinely think of a seller that is in trouble and needing to sell their home promptly to avoid further financial problems. This is sometimes 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, but property values have declined. In these instances the "bargain" price may in fact be consistent with 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 REALTOR® from David Heller Real Estate, CA DRE #01014338 to help you research a property will help you make educated decisions. We can help learn to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this information can help you make a decision about how much to offer.
Hire a real estate professional with short sale knowledge. The real estate agents at David Heller Real Estate, CA DRE #01014338 can assist you in expediting the transaction and make sure you're protected. Don't let inexperience hinder the closing process. Let our 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 usually 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 having to satisfy the seller, but the lender must also agree to the terms of the sale. It's not uncommon that your offer will be presented 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 usually non-negotiable when working with a short sale. The lender will sell the property just the way it is which means the lender won't be paying for repairs. Make sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At David Heller Real Estate, CA DRE #01014338, when we write an offer, we are 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're ready to buy, whether it is a short sale or a typical home sale, David Heller Real Estate, CA DRE #01014338 can help. Apply our experience and knowledge of real estate to make sure you're getting a fair deal and protect yourself during the full transaction.
David Heller Real Estate, CA DRE #01014338 7708 Regents Road #1 San Diego, CA 92122
