Working with an exprienced Realtor who has taken specialized short sale training or successfully closed short sale transactions is an important element of your success in buying a short sale property. If your Realtor has this experience or training, they will be able to help you determine whether you have a good opportunity for approval and that the property is priced correctly (10% below market value or more). Your Realtor will be able to determine by talking with the Listing Agent if they are using a financial model that the bank will approve.
Get your financing in order and be able to present your purchasing strength and ability to perform. The lender is looking for the strongest buyer that can reassure them they can perform and are committed to buying the property.
The sale will most likely be an "AS IS" sale (sold in present condition). The lender typically does not pay for inspections or repairs and usually will not accept lower than 10% below market value. Be prepared to do a whole house inspection and a pest inspections. These inspection will determine if other inspections are required.
Make sure you are committed to waiting and that you are not in a time critical situation. You may get approval within 3-4 weeks and it may take longer. Some banks cooperate better and respond quicker than others.
I am Jeanean Gendron and you can reach me at 530 276-7417. I answer my phone. Visit our website to learn about Redding and Shasta County Real Estate and our Short Sale website.
Great commentary and tips on Short Sales! These have to get easier or the banks are going to have to start renting the properties as the largest property owners in all 50 state! If you ever have cause to refer someone to an agent in the Naples, Fort Myers or Bonita Springs area please feel free to call me. I answer the phone as well!
Hang in there with those Short Sales!
I always learn something new from you on Short Sales Jeanean, thanks for sharing your wisdom with us.
C&M