(310) 784-2828 Ext 225

Ready to purchase a short sale?

When a lender and a homeowner 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.

Can I get a bargain on a short sale?

From time to time, yes. Many people hear the phrase "short sale" and instinctively think of a seller that is insolvent and must sell their property quickly to prevent further financial problems. This is sometimes the case and can be an opportunity for a buyer to cash in on another's misfortune. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In these instances the discounted price may in fact be closer to true market values, not below.

What's involved in buying a short sale?

  • Always do your homework before making any offers. Using a qualified real estate professional from Excel Funding Real Estate Services, Inc. to assist you with researching a property can help you make knowledgeable decisions. We can help reveal to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Obtaining this info can help you determine how much to offer.
  • Hire an agent with short sale experience. Excel Funding Real Estate Services, Inc. can aid you in expediting the transaction and ensure that you're protected. Don't permit inexperience to delay the closing process. Put my knowledge and experience to work for you.

  • 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 less than 30 days. Remember that you're not only having to get approval from the seller, but the lender must also agree to the terms of the sale. A lot of the time your offer will be presented to a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are generally not negotiable when buying a short sale. The lender will be 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 the property inspected 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 recommend that you make your offer contingent upon the inspection results.
If you're ready to buy, whether it is a short sale or a typical home sale, Excel Funding Real Estate Services, Inc. is available for you. Apply my experience and knowledge of real estate to make sure that you are getting a fair deal and are protected during the whole deal.