A short sale happens when the homeowner's lender consents to accept a reduced sum to release a mortgage.
If you have any questions regarding real estate in Apple Valley, California, contact me here or e-mail me.
Are they good deals?
The short answer is "sometimes". Often times people hear the term "short sale" and automatically think of a seller that is in default and must 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. In contrast, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these instances the reduced price may in fact be consistent with true market values, not below.
What's involved in buying a short sale?
Always do your homework before making any offers. Using a knowledgeable real estate agent from Grand Vista Realty to help you research a property can help you make informed decisions. We can help discover to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Getting this information can help you determine how much to offer.
Hire an agent with short sale expertise. The real estate agents at Grand Vista Realty can aid you in expediting the transaction and make sure you're protected. Don't allow inexperience to hold up the closing process. Let our experience and knowledge work in your favor.
Even with an experienced real estate agent and under the best circumstances, buying a short sale property will generally take longer than a typical real estate transaction. Be informed that most short sales will not close in less than 30 days. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. Commonly, your offer will be sent to a committee for approval which will add time - sometimes even 2 to 3 months.
Home protection warranties, buyer credits and allowances, and closing cost concessions are normally not up for negotiation when working with a short sale. The lender will sell the property "as is" which means the lender isn't going to pay for repairs. Make sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Grand Vista Realty, when we write an offer, we're looking out for your interests first and will always advise you to make your offer contingent upon the outcome of the inspections.
When it's time to buy, whether it be a short sale or a typical home sale, Grand Vista Realty can help you. Use our experience and knowledge of real estate to be confident you are getting a fair deal and remain protected during the full deal.
Grand Vista Realty 20601 Us Highway 18, Ste 188 Apple Valley, CA 92307
