If a seller is upside down on their mortgage payments, they can sometimes get the lender to agree to a short sale, whereby the lender consents to release the mortgage for a sum less than what's owed. Should you have questions about Short Sales in the Guerneville / Russian River, California area contact here or e-mail us.
Are they good deals?
The short answer is "sometimes... really it's most-of-the-time". Many people hear the phrase "short sale" and routinely think of a seller that is in financial trouble and must sell their house promptly to prevent further financial problems. This is at times 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, but property values have depreciated. In cases such as these the discounted price may in fact be consistent with current market values instead of below.
Are you ready to buy a short sale property?
Always do your homework before making any offers. Using us as a knowledgeable REALTOR® to support your research of a property can help you make educated decisions. We can help find out to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Finding this data can help you determine how much to offer.
Get a REALTOR® with short sale knowledge. We have a tremendous base of experience and can assist you in expediting the transaction and ensure that you're protected. Let our knowledge & expertise work for you.
Even with experience & know-how, buying a short sale property will usually take longer than a typical real estate transaction. Know that a short sales will not close in the customary 30 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. A lot of the time your offer will be presented 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 generally not negotiable when buying a short sale. The lender will sell the property "as is" which means the lender won't be paying for repairs. We'll make sure your contract provides for you to have the right to have the property inspected for pests, HVAC, electrical, and other critical areas. When we write an offer, we are looking out for your interests above all else and will always recommend that you 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, we can help you. Apply our experience and knowledge of real estate to be certain that you are getting a great deal and remain protected during the entire transaction.
