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Want to buy a short sale?

When a lender and a homeowner agree to release a mortgage for an amount less than what's owed on a house, it's called a short sale.

Purchasing a short sale in Rancho Palos Verdes, California on your own is risky. Contact Excel Funding Real Estate Services, Inc. for expert advice.

Are short sales bargains?

Occasionally. Often times people hear the words "short sale" and automatically think of a seller that is in trouble and needs to sell their property promptly to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on another's misfortune. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In these instances the discounted price may in fact be in line with current market values, not below.

What's involved in buying a short sale?

  • Before making any purchase offers, do your homework. Using a qualified real estate agent from Excel Funding Real Estate Services, Inc. to help you research 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. Locating these facts can help you decide how much to offer.
  • Get a real estate professional with short sale experience. Excel Funding Real Estate Services, Inc. can help expedite the transaction and make sure you're protected. Don't let inexperience hinder the closing process. Put my experience and knowledge to work in your favor.

  • Even with an experienced real estate agent and under the best of situations, buying a short sale property will probably take longer than a typical real estate transaction. Know that a majority of 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. It's not uncommon that your offer will go before a committee to approve, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are normally not negotiable when working with a short sale. The lender is selling the property just the way it is which means the lender isn't going to pay for repairs. Make sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Excel Funding Real Estate Services, Inc., when I write an offer, I am looking out for your interests above all else and will always suggest that you make your offer contingent upon the results of the inspections.
If you are ready to buy, whether it be a short sale or a typical home sale, Excel Funding Real Estate Services, Inc. can help you. Utilize my experience and knowledge of real estate to make sure that you are getting a fair deal and protect yourself during the whole deal.