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The Easy Way To Buy Homes In Short Sale

Saturday, March 3rd, 2012

Have your heart set on ? The method is typically time-intensive and the requirements more difficult. But purchasing a short sale could be a rewarding experience if you’re acquainted with the lay of the land. Here’s a quick guide to start you off on the right track.

Look for a realtor to represent you. A competent realtor will help you move from one step to another smoothly and manage any roadblocks on the way. Well-connected agents can even refer you to qualified banks, contractors and other professionals that will supply the specific services you will need. Plus, California’s consumer-protection laws need realtors to hand purchasers a written notification about their duties as agents, so that you can set your concerns apart

File an application for a mortgage loan. Check with different banks first to compare terms and rates. This way, you’ll find the best match for your needs

Make an offer on the house you are eyeing. Try and get an estimate of the property’s market value. Refer to these figures when deciding on the priceyou’re going with. Note that your offer will be submitted to the lender for review and evaluation alongside offers from other parties. So your offer should be reasonable and practical

Wait it out. Wait to hear the lender’s feedback on your offer. Banks generally have the property appraised for a broker’s price opinion, which they use in evaluating offers. The lender can do one of 3 things: approve your offer, reject it or pitch in a counteroffer.

While homes in short sale are usually sold “as is,” it is suggested that you check the property first. Hire a California-licensed contractor to make sure you have got everything covered in the inspection. Neither the homeowners nor bank is probably going to accept accountability for any fix or maintenance work required. Home buyers are often anticipated to foot the bill for fix-ups or enhancements on homes in short sale.

After you receive the lender’s approval letter, take care of all contingencies (including having the home inspection finished and your loan approved) and make an initial deposit before the due date so that you can close the escrow punctually.

Buying homes in short sale can be a tedious and long process. But when you step foot into your new place, you’ll realize that the pay-off is worth all the difficulty and difficult work.

Kendra Chui a in California helps owners to .

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