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Ready to buy 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 a sum less than what's due. For more information, you can contact me through my site or e-mail me. I'm glad to answer questions you have regarding real estate short sales.

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?

From time to time, yes. Often times people hear the words "short sale" and automatically think of a seller that is insolvent and needs to sell their home promptly to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current, but property values have fallen. In these cases the discounted price may in fact be closer to true market values instead of 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 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. Acquiring these facts can help you decide how much to offer.
  • Get a real estate professional 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 let inexperience impede the closing process. Let my experience and knowledge work for you.

  • Even in the best of situations and with an experienced real estate agent, buying a short sale property will usually take longer than a typical real estate transaction. Be aware that most 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. It's not uncommon that your offer will be sent 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 usually non-negotiable when buying a short sale. The lender will be selling the property as seen 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'm looking out for your interests above all else and will always recommend that you make your offer contingent upon the results of the inspections.
If you're ready to buy, whether it's 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 you're getting a fair deal and remain protected during the entire purchase transaction.