Tips for Buying a Short Sale Property
If interested in buying a short sale property you may already know, it’s not easy! It takes some research in advance to determine exactly which properties would make for a good prospect. Since we’ve represented many short sale buyers and sellers, we offer the following tips.
Here are the Tips for Buying a Short Sale Property
Tip #1 – Pre-qualify The Listing In Advance!
First of all, it’s critical you select a real estate agent that has a successful track record and is specifically trained in Short Sale transactions. If the agent is experienced and knowledgeable about short sales, he or she will pre-qualify the short sale listing, before advising the buyer to make an offer. An experienced short sale real estate agent, knows what to look for and the questions to ask. This will save the buyer time by eliminating the short sale listings that are likely to be near impossible or difficult to close.
See our list of distressed properties currently for sale in Santa Clarita.
Tip #2 – PATIENCE!
When buying a short sale property the one common denominator with these transactions is, they take time! Once an offer is made on a short sale property, the buyer must be willing to wait. Most short sale transactions take several months to close. The amount of time depends on a number of factors including, but not limited to, how many loans are involved, the lenders short sale policies, the current number of short sales the lender is handling, and the list goes on.
Again, an experienced real estate agent should be able to tell their short sale buyers which short sale listings will move faster than others.
Are You a Homeowner Facing the Possibility of Foreclosure?
We continue to assist homeowners struggling with their mortgage and looking for a solution. If this sounds familiar, you’ve landed in the right place. If it doesn’t doesn’t make sense to save the home, the best way to avoid foreclosure is usually a short sale.
Matt Gregory and Meray of the Gregory Real Estate Group have helped many friends and clients protect their financial future and move on with their lives.
It’s always best for the struggling homeowner to take control of their situation and short sale their property. With a foreclosure, the lender is in control! We can help and we want to help! Remember, time is a factor in determining the success or failure of any short sale. Don’t wait or you’ll be too late!