SHORT SALE SPECIALIST SANTA MONICA - WHAT IS IT AND IS IT FOR YOU?

What Is a Short Sale?

 
What is a Short Sale?   When we hear the term "Santa Monica Short Sale Property" what doe it mean?.

There are three parties in short sales homes; the seller, the buyer and the mortgage holding lender. The contract is between the buyer and the seller and it is a binding contract. However there is one addendum that the buyer and the seller must sign and that says if the lender does not approve, the contract is cancelled.

I am sure you have heard the term "upside down on their home" Depreciation has caused their home’s value to drop below the amount they owe on the mortgage. So with the job situation the way it is, economic conditions being what they are, expense of health care. They see they no longer can make the house payments. So they go to sell and find that they cannot get the house sold for what they owe the lender, this now becomes a Short Sale Property

So the term Short Sale Homes means the seller's lender is accepting a discounted payoff to release an existing mortgage. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it. It takes a Short Sale Specialist-Santa Monica to understand the INS and OUTS of Short Sales Homes transactions

What Do You Do When You Find Short Sale Property?
 
So you are surfing on the computer, when you spot Short Sales Homes that interests you, take your hand off the mouse and step away from the computer. Before you get all excited over the prospect of buying short sales homes, pick up the phone and call your real estate agent, a Short Sale Realtor-Santa Monica, someone who is a Short Sale Specialist "Santa Monica.

So is that Short Sale Homes Right For You?

So you have found that short sale property and called your Short Sale Specialist-Santa Monica. of course that is West LA Real Estate Group, now starts the hard part. We need to research the short sale homes listing; how long is it on the market, is the listing agent a short sale specialist, is the seller financially qualified by the lender to do a short sale, have there been any offers, does the listing agent deal directly with the lender or does he hire a negotiator, how many liens on the house, how underwater are they and the list goes on and on. You do not want a regular sales agent handling this transaction you need the Short Sale Specialist "Santa Monica  .

Pros And Cons Short Sales Property and in Particular Short Sales Houses " Santa Monica

The pros are simple you have a great opportunity to buy a house well below market value. It still has the original owner living there so the condition of the home is much better that buying a Bank Owned Foreclosure

The cons are many but working with a Short Sale Specialist " Santa Monica, will lessen the cons. You can have a long escrow period and still not get the property. The bank may come back and ask you to raise your offer. The aspect of not knowing if you will get the property for sometimes up to 4 months throw some people off.