Robert & Barbara Schmalz
What Is a Short Sale?
SHORT SALE SPECIALIST WEST LA - WHAT IS IT AND IS IT FOR YOU?
You ever notice how many people say they want to buy a Short Sale Property, but yet I would say only 1 in 10 knows what a Short Sale Property is. So the next time you see a West LA Short Sale Property that you are interested in get all the facts and where better to go than a Short Sale Specialist-West Los Angeles
Who are the players in a Short Sale
There are three people involved in a short sale, The Seller, The Buyer and The Lender who holds the lien.
The contracts and all the paper work is done as a normal transaction. There is an offer and acceptance and then the buyer and seller sign their contracts and they are bound together in a transaction involving a Short Sales Houses - West LA. In normal transactions the seller is now bound by law to the contract but in a Short Sale Property transaction the buyer and seller sign a Short Sale Property addendum that releases the seller from any liability in breaking the contract if the lender doesn’t agree to the terms.
So what does a Short Sales Homes mean?
With today's housing values declining tremendously from the highs of a few years ago and the economy taking its toll on the job market, many home owners are finding themselves with a house that is no longer worth what they owe on the mortgage - upside down -and the inability to continue making house payments. So the owners of Short Sale Homes asks the bank if they would accept a price less than what is owed, so the bank avoids the added expense of a foreclosure.
Is buying Short Sales Property and in particular Short Sales Houses - West LA
1. If you do not have knowledgeable agents on both sides of the transaction the process could take as long as 6 months
2. If the selling agent does not know how to deal with the banks it could go for 4 months and then the bank would come back to the buyer and say they do not accept the buyers offer
3. Although little chance of ever losing your money there is a chance that you could have yourself tied up emotionally to a house and then not get it.
1. You can find a good value with the price well below Market Value
2. With the right agents it shouldn't take longer that a normal sale
3. Unlike a foreclosure the owner is still living in the house and it will be in better condition.
4. Also unlike a foreclosure this is in all respects except one a normal sale and you will have the time you need for inspection.