Definition of Short Sale: When a homeowner can no longer make the house mortgage payments and he needs to sell the property but like so many today finds his house is underwater and he cannot sell it for what he owes. He then tries to sell it for less than he owes and looks to the lender to agree to this amount and let him out of the mortgage for less then they owe.
The short sale doesn’t start until there is an offer from a buyer and an agreement from the seller with a signed purchase agreement. Then and only then will the bank/lender look at the property and begin to qualify the seller to see if they will do a short sale
The seller of a House in a Short Sale or a condo for that matter must go through a rigid qualifications procedure before the bank will even consider doing a short sale. Keep in mind just because a homeowner thinks he cannot afford to make payments or pay off the loan doesn’t mean the bank has to agree with them
Who are you contracting with when buying the short sale property, the bank or the owner of the home?
When you purchase a short sale you are making a contract with the seller of the house not the bank. All terms of the contract are binding and are exactly the same as a regular transaction except for one important item. The contract is not binding on either party and there are no penalties if the contract isn’t performed on if the bank does not agree to the contract. The bank/lender has final say.
These few points are only the tip of the iceberg of what you should know in purchasing a short saleIf you would like to read up on short sales here is the link of an in depth article on Wikipedia; Short sales in Real Estate
Please call me at any time 310.505.5571 or firstname.lastname@example.org to see why we are the experts in a Short Sales in West LA
I am Bob Schmalz a California Licensed Real Estate Broker, I am the founder and owner of West Los Angeles Real Estate Group, handling all Real Estate needs from residential to investments To name a few of the cities we cover in West Los Angeles; Beverly Hills, Santa Monica, Brentwood , Pacific Palisades and Malibu are some of the most popular. Our beliefs are that our clients should have the knowledge they need to make decisions in there Real Estate Goals. In this way our clients helps us make the right decisions for themselves.
FIRST TIME HOMEBUYERS:INTEREST RATES BELOW 4% + LOW DOWN PA
My wife and I would like to thank you for the work you did to help us find and buy our first home. We are not the easiest clients to satisfy, being we are both very particular as to the type of home we wanted to purchase.
We really appreciated your kindness, knowledge, and understanding of our wishes in helping us to find the best possible residence. We had dealt with several real estate agents before meeting you, and it was obvious to us that you were one of the few who really knew his stuff. Real estate law can be complicated, and it was reassuring to find someone who not only knows the law, but also knows the ins and outs of the industry.
You were great at understanding our needs and desires, even when it was difficult for us to state verbally the type of residence we were looking to purchase. After viewing several residences, it became apparent to you what we liked in a home and you steered us in the right direction. You helped us every step of the way from showing us the best homes, explaining the industry and the laws, advising us on making an acceptable bid, getting us through the paperwork, and taking care of all the little details.
We will highly recommend you to any of our friends or acquaintances who wish to purchase a home in the future. Thank you once again for your help, and we hope to see you sometime in the future.