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 licensed real estate agent to represent you. A competent realtor can help you move from one step to another smoothly and manage any roadblocks on the way. Well-connected agents can even refer you to qualified banks, contractors and other executives that may provide the particular services you will need. Plus, California's consumer-protection laws require realtors to hand buyers a written notification about their obligations as agents, so that you can set your troubles aside
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. Try and get an estimate of the property's market value. Refer to these figures when deciding on the priceyou're going with. Note that your offer will be submitted to the bank for review and evaluation alongside offers from other parties. So your offer should be reasonable and pragmatic
Wait it out. Wait to hear the lender's feedback on your offer. Lenders typically have the property evaluated for a broker's price opinion, which they use in considering offers. The bank can do one of three things: approve your offer, reject it or pitch in a counteroffer.
While homes in short sale are always sold "as is," it is recommended that you check the property first. Hire a California-licensed contractor to make sure you've got everything covered during the inspection. Neither the home owners nor lender is likely to take responsibility for any repair or maintenance work required. Buyers are typically expected to foot the bill for fix-ups or enhancements 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.
Look for a licensed real estate agent to represent you. A competent realtor can help you move from one step to another smoothly and manage any roadblocks on the way. Well-connected agents can even refer you to qualified banks, contractors and other executives that may provide the particular services you will need. Plus, California's consumer-protection laws require realtors to hand buyers a written notification about their obligations as agents, so that you can set your troubles aside
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. Try and get an estimate of the property's market value. Refer to these figures when deciding on the priceyou're going with. Note that your offer will be submitted to the bank for review and evaluation alongside offers from other parties. So your offer should be reasonable and pragmatic
Wait it out. Wait to hear the lender's feedback on your offer. Lenders typically have the property evaluated for a broker's price opinion, which they use in considering offers. The bank can do one of three things: approve your offer, reject it or pitch in a counteroffer.
While homes in short sale are always sold "as is," it is recommended that you check the property first. Hire a California-licensed contractor to make sure you've got everything covered during the inspection. Neither the home owners nor lender is likely to take responsibility for any repair or maintenance work required. Buyers are typically expected to foot the bill for fix-ups or enhancements 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.
About the Author:
Kendra Chui a short sale specialist in California helps owners to get short sale approved with money back.
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