Definition of Short Sale: When a homeowner can no longer make the house mortgage payments and he needs to sell the property but like so many today finds his house is underwater and he cannot sell it for what he owes. He then tries to sell it for less than he owes and looks to the lender to agree to this amount and let him out of the mortgage for less then they owe.
The short sale doesn’t start until there is an offer from a buyer and an agreement from the seller with a signed purchase agreement. Then and only then will the bank/lender look at the property and begin to qualify the seller to see if they will do a short sale
The seller of a House in a Short Sale or a condo for that matter must go through a rigid qualifications procedure before the bank will even consider doing a short sale. Keep in mind just because a homeowner thinks he cannot afford to make payments or pay off the loan doesn’t mean the bank has to agree with them
Who are you contracting with when buying the short sale property, the bank or the owner of the home?
When you purchase a short sale you are making a contract with the seller of the house not the bank. All terms of the contract are binding and are exactly the same as a regular transaction except for one important item. The contract is not binding on either party and there are no penalties if the contract isn’t performed on if the bank does not agree to the contract. The bank/lender has final say.
These few points are only the tip of the iceberg of what you should know in purchasing a short saleIf you would like to read up on short sales here is the link of an in depth article on Wikipedia; Short sales in Real Estate
Please call me at any time 310.505.5571 or email@example.com to see why we are the experts in a Short Sales in West LA
I am Bob Schmalz a California Licensed Real Estate Broker, I am the founder and owner of West Los Angeles Real Estate Group, handling all Real Estate needs from residential to investments To name a few of the cities we cover in West Los Angeles; Beverly Hills, Santa Monica, Brentwood , Pacific Palisades and Malibu are some of the most popular. Our beliefs are that our clients should have the knowledge they need to make decisions in there Real Estate Goals. In this way our clients helps us make the right decisions for themselves.
FIRST TIME HOMEBUYERS:INTEREST RATES BELOW 4% + LOW DOWN PA
"Mr. Robert Schmalz
West Los Angeles Real Estate Group
Keller Williams of Santa Monica
Santa Monica, Ca. 90405
Thank you so much for your assistance in buying a home. I was not sure if the purchase of a Home would be in my best interest this late in my life, but now after having moved in…it is a great feeling.
Being a first time buyer, I would like to share some of my experiences. It is always fun to watch HGTV and see how simple it is to buy a home. And I thought, well that is not that difficult….Man was I wrong. Many of my homeowner friends told me all the weird things they encountered, but I believe my home purchase topped it all. -And in the midst of it - Bob ….by my side every step of the way…calming me down when angry, motivating when frustrated, happy hour when celebrating. He cared as I have never experienced before, ask and you shall receive.
Here is the thought process that led to the biggest purchase of my life.
There is probably no better time to buy then now. Will the market drop further? Maybe. However, by the time you decide the market could be on the way up again.
Why buy and not rent again? Rent would be close to the same amount of the mortgage without the benefits.
How did I pick Bob to be my realtor?
I interviewed a handful of real estate agents, and Bob was interested in me as a person, not just a client. Over the entire “buying process", handling my requests to see property on short notice...and I mean short notice (sometimes within a few hours), working closely with the seller's broker, mortgage broker, bank, escrow, Bob was there to assist and handle it.
Bob was reachable for me at any time and his communication was immaculate. We exchanged emails and text messages until late into the night.
Especially as a first time buyer, you need someone that you can trust, someone with integrity. It is a scary and stressful undertaking when you buy. Bob was able to make that process smooth and handled any emotional difficulties well. I doubt anyone else could have handled it any better.
With great appreciation,