Ready to buy a short sale?


	A short sale happens when the seller's lender consents to accept a reduced sum to release a mortgage. If you have questions about real estate in California, contact me here or e-mail me.

Purchasing a short sale in California DRE Lic# 01408453, California on your own is risky. Contact Giant Realty Inc. for expert advice.

Are they good deals?

The short answer is "sometimes". Most people hear the term "short sale" and routinely think of a seller that is in default and needs to sell their property fast to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to cash in on another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current, but property values have declined. In these cases the "bargain" price may in fact be in line with true market values instead of below.

How do I buy a short sale?

Before you make any purchase offers, do your research. Using an experienced real estate agent from Giant Realty Inc. to help you research a property will help you make educated decisions. We can help learn to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Locating this information can help you determine how much to offer.
Get a real estate professional with short sale experience. The real estate agents at Giant Realty Inc. can help expedite the transaction and make certain you're protected. Don't let inexperience slow down the closing process. Let our experience and knowledge work for you.
Even with an experienced real estate agent and under the best circumstances, buying a short sale property will generally take longer than a typical real estate transaction. Know that most short sales will not close in less than 30 days. Remember that you're not only having to get approval from the seller, but the lender must also agree to the terms of the sale. It's not uncommon that your offer will be sent to a committee for approval which will add time - sometimes even 2 to 3 months.
Home warranties, buyer credits and allowances, and closing cost concessions are generally not negotiable when working with a short sale. The lender will be selling the property "as is" which means the lender isn't going to pay for repairs. Make sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Giant Realty Inc., when we write an offer, we will be looking out for your interests first and will always suggest that you make your offer contingent upon the inspection results.

When it's time to buy, whether it is a short sale or a typical home sale, Giant Realty Inc. is available for you. Apply our experience and knowledge of real estate to make sure you're getting a fair deal and will be protected during the entire transaction.