Looking to buy a short sale?


	A short sale happens when the homeowner's lender has agreed to get a reduced amount to release a mortgage.

Purchasing a short sale in Rolling Hills Estates, California on your own is risky. Contact Peninsula Properties for expert advice.

Can I get a good deal on a short sale?

Occasionally. Many people hear the term "short sale" and instinctively think of a seller that is in default and must sell their house fast to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage of another's misfortune. On the other hand, a lender may consider a short sale even if the seller is current, but property values have declined. In cases such as these the discounted price may in fact be consistent with actual market values, not below.

How do I buy a short sale?

Always do your research before making any offers. Using an experienced real estate professional from Peninsula Properties to help you research a property will help you make knowledgeable decisions. We can help reveal to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Locating these facts can help you decide how much to offer.
Hire a real estate professional with short sale expertise. The real estate agents at Peninsula Properties can help expedite the transaction and make sure you're protected. Don't permit inexperience to slow down the closing process. Put our knowledge and experience to work for you.
Even with an experienced real estate agent and under the best of situations, buying a short sale property will probably take longer than a typical real estate transaction. Be informed that most short sales will not close in 30 days or less. Remember that you're not only having to satisfy the seller, but the lender must also agree to the sale terms. A lot of the time your offer will be seen by a committee to approve which will add time - sometimes even 2 to 3 months.
Home protection warranties, buyer credits and allowances, and closing cost concessions are generally not up for negotiation when buying a short sale. The lender will be selling the property as seen which means the lender isn't going to pay for repairs. Make sure you reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Peninsula Properties, when we write an offer, we're looking out for your interests above all else and will always suggest that you make your offer contingent upon the results of the inspections.

If you are ready to buy, whether it be a short sale or a typical home sale, Peninsula Properties is available for you. Use our experience and knowledge of real estate to make sure you are getting a fair deal and protect yourself during the complete process.