Want to make a deal on a short sale?

A short sale is when the homeowner's lender agrees to collect a reduced sum to release a mortgage. For more information, just contact me through my site or e-mail me. I'm glad to address any 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 bargains?

From time to time, yes. Most people hear the phrase "short sale" and routinely think of a seller that is in trouble and needs to sell their house quickly to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these cases the discounted price may in fact be consistent with true market values instead of below.

What's involved in buying a short sale?

  • Prior to making any purchase offers, do your homework. Using a knowledgeable real estate agent from Excel Funding Real Estate Services, Inc. to help you research a property can 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. Having these facts can help you make a decision about how much to offer.
  • Use a real estate professional with short sale expertise. Excel Funding Real Estate Services, Inc. can help expedite 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 with an experienced real estate agent and under the best of situations, buying a short sale property will generally take longer than a typical real estate transaction. Be informed that a majority of short sales will not close in the customary 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the sale terms. In most cases your offer will be sent to a committee to approve, which will add time - sometimes even 2 to 3 months.
  • Home protection warranties, buyer credits and allowances, and closing cost concessions are normally not up for negotiation when dealing with a short sale. The lender is selling the property "as is" which means the lender won't be paying for repairs. Make sure you reserve the right to have the property inspected 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 recommend that you make your offer contingent upon the results of the inspections.
If you're ready to buy, whether it be a short sale or a typical home sale, Excel Funding Real Estate Services, Inc. can help. Apply my experience and knowledge of real estate to be confident that you are getting a fair deal and will be protected during the full purchase transaction.