Want to make a deal on a short sale?

When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on the property, it's called a short sale. If you have questions regarding real estate in Rolling Hills Estates, California, contact me here or e-mail me.

Purchasing a short sale in Rolling Hills Estates, California on your own is risky. Contact Peninsula Properties for expert advice.

Can I get a good deal on a short sale?

Every now and then a good deal will come along. Most people hear the words "short sale" and instinctively think of a seller that is in default and must sell their property promptly 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. In contrast, a lender may consider a short sale even if the seller is current, but property values have fallen. In these instances the "bargain" price may in fact be closer to true market values, not below.

How do I buy a short sale?
  • Always do your homework before making any offers. Using a qualified real estate professional from Peninsula Properties to assist you with researching a property will help you make educated decisions. We can help discover to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Having this information can help you make a decision about how much to offer.
  • Hire an agent with short sale knowledge. The real estate agents at Peninsula Properties can assist you in expediting the transaction and ensure that you're protected. Don't allow inexperience to hold up the closing process. Put our experience and knowledge to work in your favor.

  • Even with an experienced real estate agent and under the best circumstances, buying a short sale property will usually take longer than a typical real estate transaction. Be informed that a majority of short sales will not close in the customary 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the sale terms. In most cases your offer will be sent to a committee to approve which will add time - sometimes even 2 to 3 months.
  • Home protection warranties, buyer credits and allowances, and closing cost concessions are usually non-negotiable when buying a short sale. The lender will be selling the property just the way it is which means the lender isn't going to pay for repairs. Be sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Peninsula Properties, when we write an offer, we're looking out for your interests above all else and will always suggest that you make your offer contingent upon the outcome of the inspections.
When you're ready to buy, whether it is a short sale or a typical home sale, Peninsula Properties is available for you. Use our experience and knowledge of real estate to make sure you're getting a fair deal and are protected during the whole process.

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