Short Sale Buyer

A short sale means the homeowner’s lender agrees to accept a reduced amount to release a mortgage.

Can I get a good deal on a short sale?

mortgage_risk_02Occasionally. Most people hear the words “short sale” and automatically think of a seller that is in financial trouble and needing to sell their property quickly 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. On the other hand, a lender may consider a short sale even if the seller isn’t delinquent with their payments, but property values have depreciated. In these cases the discounted price may in fact be in line with current market values instead of below.

How do I buy a short sale?

  • Before you make any purchase offers, do your research. Using a qualified REALTOR® to support your research of a property will help you make informed decisions. I can help reveal to whom the property is titled, approximately how much is owed to the lender, and whether or not a foreclosure notice has been filed.
  • Get a real estate agent with short sale experience. While the buyer’s agent does not have control over the short sale negotiation, I can interview the listing agent and assess the chances of a sale being approved. Don’t permit agent inexperience to impede the closing process. I put my extensive knowledge and experience to work for you.
  • Even in the best of situations and with an experienced real estate agent, buying a short sale property may 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 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 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 normally non-negotiable when working with a short sale. The lender will be selling the property as seen 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. When I write an offer on your behalf, I’m looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the results of the inspections.

If you are ready to buy, whether it is a short sale or a typical home sale, I can help you. Utilize my experience and knowledge of real estate to feel confident that you are getting a fair deal and protect yourself during the full transaction.

As your Buyer's Agent, I can help you find the perfect house for you, and as your Listing Agent, I'll get top dollar for your property. Call me, Irvine's real estate expert, at (714) 856-7003. I can help you make the decision that gets the outcome you want.

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