Home Buying in 90008>Question Details

Donny Opoku, Real Estate Pro in 90008

What's the typical process when buying a short sale?

Asked by Donny Opoku, 90008 Wed Jan 30, 2013

Help the community by answering this question:


1) Find a professional buyer agent to help you
2) Find or have your agent find you the home
3) Make an offer
4) Seller accepts
5) Do home inspection
6) Package is submitted to the bank, offer , pre approval, sellers hardship letter, all seller financials (ask your agent about this )
Have agent stay in contact with the listing agent and or negotiator hired to follow up
7) Bank sends an independent agent out to do a BPO (broker price opinion)
8) The bank accepts, rejects or counters the offer. If accepted you must close in 30-45 days or less.
9) your financing bank does an appraisal
10) if all goes well......... you close or the property forecloses and all involved lose big time :)

There are more detailed steps this is just a basic over view ....a good buyers agent will guide you through all this stuff.
1 vote Thank Flag Link Wed Jan 30, 2013
Don't forget to get pre-qualified for a mortgage loan!! Knowing how much you are qualified to buy will help your Agent narrow the search.

Call me to discuss your financing options.

Dinece Carmichael
Carrington Mortgage Services
Direct: 310-567-8938
0 votes Thank Flag Link Sat May 11, 2013
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