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Ready to buy a short sale?

When a lender and a seller agree to release a mortgage for an amount less than what's owed on a house, it's called a short sale. If you have questions about real estate in Rancho Palos Verdes, California, contact me here or e-mail me.

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

Can I get a bargain on a short sale?

Occasionally. Often times people hear the phrase "short sale" and automatically think of a seller that is insolvent and needing to sell their property fast to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current, but property values have fallen. In cases such as these the reduced price may in fact be in line with current market values, not below.

How do I buy a short sale?

  • Always do your research before making any offers. Using an experienced 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 reveal to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Having this info can help you determine how much to offer.
  • Use a real estate agent with short sale expertise. Excel Funding Real Estate Services, Inc. can assist you in expediting the transaction and make sure you're protected. Don't permit inexperience to impede the closing process. Let my 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 probably take longer than a typical real estate transaction. Be aware that a majority of short sales will not close in less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the sale terms. Commonly, your offer will be seen by a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
  • Home protection warranties, buyer credits and allowances, and closing cost concessions are usually not up for negotiation when dealing with a short sale. The lender will be selling the property just the way it is which means the lender will not be paying for repairs. Make sure to reserve the right to have 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 first and will always advise you to make your offer contingent upon the results of the inspections.
When it is time to buy, whether it is a short sale or a typical home sale, Excel Funding Real Estate Services, Inc. is available for you. Utilize my experience and knowledge of real estate to be confident you're getting a fair deal and protect yourself during the whole transaction.