Ready to buy a short sale?

A short sale is when the seller's lender has agreed to receive a reduced payment to release a mortgage.

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?

Occasionally. Most people hear the phrase "short sale" and instinctively think of a seller that is in default and needs to sell their house quickly to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to take advantage of another's misfortune. More commonly, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In cases such as these the "bargain" price may in fact be in line with actual market values, not below.

How do I buy a short sale?

  • Before making any purchase offers, do your homework. Using a knowledgeable REALTOR® from Excel Funding Real Estate Services, Inc. to assist you with researching a property can help you make educated 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. Getting this information can help you determine how much to offer.
  • Use a real estate agent with short sale experience. Excel Funding Real Estate Services, Inc. can assist you in expediting the transaction and make certain you're protected. Don't let inexperience hold up 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. Be aware that many 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. A lot of the time your offer will be presented to 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 generally not negotiable when working with a short sale. The lender is selling the property as seen which means the lender won't be paying for repairs. Make sure to 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'm looking out for your interests above all else and will always advise you to make your offer contingent upon the outcome of the inspections.
When 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. Use my experience and knowledge of real estate to be confident you are getting a fair deal and remain protected during the entire deal.