Short Sales is the Way to Go for California First Time Home Buyers

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Take advantage of low 30 year mortgage rates and jump into a home through a short sale. This means the property usually is selling for less than in a regular sale. It can be a win-win for everyone, especially California first time home buyers. The seller is also happy to avoid foreclosure. The bank is relieved since theres no need to takeover the property temporarily. As a buyer, though, there are three common short sale mistakes you need to be aware of and avoid.

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Mistake #1: Rush an Offer

As a California first time home buyer, most likely, you cant wait to make an offer and move into your new home. But rushing the process is the worst thing you can do since you could end up paying more for the purchase or make an offer that is priced higher than what the home is worth.


Yes, a short sale needs to happen quickly, but you need to take the time to factor in market conditions when making an offer. Do your research! If you havent already done so, get a pre approval on a mortgage loan. Depending on the price, you might need to apply for a jumbo loan in California. Keep in mind, these are not secured. Not all lenders offer them. At EZ Online Mortgage, we accept applications for jumbo loans.


Mistake #2: Not Working with the Seller

Another mistake California first time home buyers can make in a short sale is not working with the seller. While youre anxious to take advantage of low 30 year mortgage rates and make an offer, the lender wants to make sure they get their money. So youll probably be asked to fill-out a lot of paperwork, including a hardship letter from the seller and a purchase contract. Keep an open door of communication with the seller and offer to help in any way with the paperwork. Itll increase your chances of the lender accepting your offer, especially if youre applying for a California jumbo loan.


Mistake #3: Buying without Inspecting

Sold as is. These are three words you need to be cautious of. Its easy to make the mistake of thinking youre getting such a good deal on a property, that youll have money left over for any repairs. Until you know what those repairs are, you wont know for sure. You could be looking at laying out many times more for repairs and improvements than you anticipated.


So as a California first time home buyer with a pre-approved mortgage, make sure to get a house inspection with a reputable home inspector. Even though youre wanting to take advantage of low 30 year mortgage rates, its not worth getting a bargain on the short sale if you end up paying more than you bargained for in the end.


Whether a short sale or regular sale, at EZ Online Mortgage, we make the loan application process easy, even for jumbo loans in California. Again, dont be afraid to pursue a short sale just dont fall victim to common mistakes that are easily made. Contact us now and get a pre-approved mortgage!

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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is very good reading for prospective home buyers.

Have a most productive November.

Nov 03, 2016 04:32 AM #1
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