Buying a Short Sale
It's an unfortunate fact in today's Real Estate market, if you are looking for a home chances you will be buying a short sale.
I have met many weary buyers who are just sick of making offers on short sales and waiting and waiting and it doesn't go thru. Now, after months of waiting they have to start over again. Has this ever happened to you?
Even after all of the advances the lenders have made to improve the short sale process, you still are at the mercy of the listing agent and negotiator either of which could be very knowledgeable and have years of experience or has never completed a short sale.
I would guess 50 to 60% of the markets in my area of South Orange County are short sales. With more to come.Since the odds are good you will be buying a short sale here are a few questions you may want to ask the listing agent.
1) How many years experience do you have closing short sales?
2) How many loans are on the home? Are they with the same lender?
3) Are there any other liens on the home, mechanics liens, etc.?
4) Is there Mortgage Insurance?
5) Are the HOA dues current? If not who is going to pay them? (The Buyer)
6) Ask your agent to order a Prelim (Preliminary Title Report) so they can see if there are any liens the
listing agent forgot to tell you about. Even with a Prelim sometimes something pops up at the last minute.
7) If the home is in Foreclosure where is it in the process?
Is there a Trustee sale date scheduled?
Hopefully these questions will help save you a little time and frustration. Just remember buying a short sale isn't like a standard sale and you are going to have to wait for answers from sellers, the banks, the investors and anyone else involved with the short sale.
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