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Want to make a deal on a short sale?

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 an amount less than what's owed.

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 good deals?

Every now and then a good deal will come along. Often times people hear the words "short sale" and automatically think of a seller that is in trouble and needing to sell their property fast to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to do well from 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 declined. In these cases the discounted price may in fact be closer to current market values, not below.

How do I buy a short sale?

  • Before making any purchase offers, do your research. Using a knowledgeable REALTOR® from Excel Funding Real Estate Services, Inc. to support your research of a property will help you make knowledgeable 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 these facts can help you determine how much to offer.
  • Get a real estate agent with short sale expertise. Excel Funding Real Estate Services, Inc. can assist you in expediting the transaction and make certain you're protected. Don't let inexperience delay the closing process. Let my experience and knowledge work in your favor.

  • Even in the best of situations and with an experienced real estate agent, buying a short sale property will generally take longer than a typical real estate transaction. Know that a majority of short sales will not close in 30 days or less. 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 seen by a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
  • Home protection plans, buyer credits and allowances, and closing cost concessions are usually not up for negotiation when buying a short sale. The lender is selling the property just the way it is which means the lender will not be paying for repairs. Make sure you 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 will be looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the outcome of the inspections.
When it's time to buy, whether it is a short sale or a typical home sale, Excel Funding Real Estate Services, Inc. can help you. Apply my experience and knowledge of real estate to feel confident that you're getting a fair deal and remain protected during the full process.