Real Estate
The easy way to Buy Homes in Short Sale
January 25, 2012 by Kendra Chui · Leave a Comment
Have your heart set on homes in short sale ? The process is often time-consuming and the requirements more difficult. But purchasing a short sale could be a rewarding experience if you’re acquainted with the lay of the land. Here’s a quick guide to start you off on the right track.
Look for a real estate agent to represent you. A good realtor will help you move from one step to another smoothly and manage any roadblocks along the way. Well-connected agents can even refer you to qualified lenders, contractors and other professionals that will supply the specific services you’ll need. And, California’s consumer-protection laws need realtors to hand purchasers a written disclosure about their duties as agents, so you can set your worries apart
File an application for a mortgage. Check with different lenders first to compare terms and rates. This way, you will find the closest match for your needs
Make an offer on the house you are eyeing. Attempt to get an estimation of the property’s market value. Refer to these figures when deciding on the price you are going with. Note that your offer will be submitted to the lender for review and analysis alongside offers from other parties. So your offer needs to be reasonable and practical
Wait it out. Wait to hear the lender’s feedback on your offer. Mortgage companies often have the property evaluated for a broker’s price opinion, which they use in evaluating offers. The bank can do one of three things: approve your offer, bin it or pitch in a counteroffer.
While homes in short sale are commonly sold “as is,” it is advised that you inspect the property first. Hire a California-licensed contractor to make sure you have got everything covered in the inspection. Neither the seller nor bank is probably going to accept responsibility for any fix or maintenance work needed. Home buyers are often anticipated to foot the bill for fix-ups or improvements on homes in short sale.
Once you receive the lender’s approval letter, look after all contingencies (including having the home inspection completed and your loan approved) and make an initial deposit before the due date so that you can close the escrow on time.
Purchasing homes in short sale can be a boring and lengthy process. But after you step foot into your new home, you will understand that the pay-off is worth all the trouble and tough work.
Kendra Chui a short sale specialist in California helps owners to get short sale approved with cash back.
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