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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 the property, 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 they good deals?

The short answer is "sometimes". Most people hear the term "short sale" and automatically think of a seller that is in financial trouble and needing to sell their property fast to avert further financial problems. This is sometimes the case and can be an opportunity for a buyer to make the most of another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current with their mortgage, but property values have declined. In cases such as these the reduced price may in fact be consistent with current market values, not below.

How do I buy a short sale?

  • Always do your homework before making any offers. Using an experienced real estate professional from Excel Funding Real Estate Services, Inc. to assist you with researching a property will help you make informed decisions. We can help discover to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Acquiring this info can help you make a decision about how much to offer.
  • Hire a REALTOR® with short sale expertise. Excel Funding Real Estate Services, Inc. can aid you in expediting the transaction and make certain you're protected. Don't let inexperience hinder 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 generally take longer than a typical real estate transaction. Be informed that many 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 discounted price. It's not uncommon that your offer will be sent to 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 generally non-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. Be 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'm looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the inspection results.
When it's time to buy, whether it's a short sale or a typical home sale, Excel Funding Real Estate Services, Inc. can help. Use my experience and knowledge of real estate to feel confident you're getting a fair deal and remain protected during the whole process.