Ready to buy a short sale?


	When a seller owes more on their house than its value, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender consents to release the mortgage for a sum less than what's owed. For more information, simply contact me through my site or e-mail me. I'm happy to answer any questions you have regarding real estate short sales.

Purchasing a short sale in San Diego, California on your own is risky. Contact Remax Hometown for expert advice.

Are short sales bargains?

From time to time, yes. Most people hear the term "short sale" and routinely think of a seller that is in financial trouble and needs to sell their property 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. In contrast, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In these cases the "bargain" price may in fact be in line with actual market values rather than below. I can help you through this turbulent and sometimes lengthy process.

What's involved in buying a short sale?

Always do your homework before making any offers. Using a qualified real estate professional from Remax Hometown to help you research a property will help you make educated decisions. We can help discover to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Getting this info can help you make a decision about how much to offer.
Hire a real estate professional with short sale expertise. The real estate agents at Remax Hometown can help expedite the transaction and make sure you're protected. Don't let inexperience hinder the closing process. Put our experience and knowledge to work in your favor.
Even in the best of situations and with an experienced real estate agent, buying a short sale property will probably take longer than a typical real estate transaction. My expereince has been that all lenders and banks vary with time tables, but expect the process to take 4-6 months on average, or longer. Be aware that most short sales will never close in the customary 45 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the discounted price. Commonly, your offer will go before a bank or investor committee for approval which will add time - sometimes even 2 to 3 months. In general, short sales are taking approximately 5 months to close.
Home protection warranties, buyer credits and allowances, and closing cost concessions are generally non-negotiable when working with a short sale. The lender is selling the property just the way it is which means the lender will not be paying for repairs. Always reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Remax Hometown, when we write an offer, we are looking out for your interests above all else and will always suggest that you make your offer contingent upon the inspection results.

When it is time to buy, whether it's a short sale or a typical home sale, Remax Hometown is here to help. Utilize our experience and knowledge of real estate to make sure you're getting a fair deal and will be protected during the whole matter.