Buyer Tips for Short Sales in California

Real Estate Articles

Buyer Tips for Short Sales in California

Previous

Contents

Next

A short sale listing is a final attempt by a homeowner to sell their home in lieu of a bank taking it back through foreclosure. A short sale relies on the possibility the bank will take a loss. When agreeing to a short sale the bank can eliminate the costly and time-consuming process of foreclosure.

Short sales are not the same as conventional sales. Here are ten key things buyers and sellers in California need to know:

• Price is usually set by the agent, seller and bank

Very low asking prices attract buyers but banks have the final say

• Lowball offers get slow or no response

Banks usually will not consider very low offers and/or take a lot of time replying

• Loans owned by one bank usually better than two

If two banks are involved the time for approval can be lengthy

• Agent must check comparables before submitting offer

Comparables are a major part and must accompany any submitted offer

• Don't hang your hat on the property

Short sales are not necessarily short. Have other properties as a backup

• Sellers with other properties or healthy financials may not qualify for short sale and/or may be asked to pay the difference

Sellers who own several properties or show large net worth probably will not be eligible for a short sale

• "Approved" prices are quickest

Short sales go much smoother when the bank has pre-approved the short sale price

• Some banks look want strongest buyers, some want strongest offers

Banks differ, some prefer a buyer with the largest down payment, others will take a buyer with the highest offer

• Repairs are seldom done, credit is more frequent

Typically a credit is issued to the buyer and they must take responsibility for any needed repairs

• When you get approval, must close on time

There is no slack with closing escrow in a short sale. Exceptions are rarely made and the buyer must close on time

You can talk about... Buyer Tips for Short Sales in California

Tags: • foreclosure • buyer tips • down payment • buyers and sellers • california • short sale • short sales • real estate tips • short sale process • california real estate •

• Grab a California Foreclosure While You Can (foreclosures)
• California Housing Market Ticks Up (real estate markets)
• California Mortgage Defaults Drop (foreclosures)
• Michigan Realtors Seize Opportunity (foreclosures)
• More related articles for Michigan Realtors Seize Opportunity

Previous

Contents

Next

• <a href="http://realestate-library.classifieds1000.com">Real Estate</a>
• <a href="http://realestate-library.classifieds1000.com/short_sales">Buyer Tips for Short Sales in California (short sales); Real Estate Articles</a>

Privacy & DMCA Policy -- Sitemap
short sales Buyer Tips for Short Sales in California