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Steve, Home Buyer in Santa Monica, CA

short sale

Asked by Steve, Santa Monica, CA Sat Mar 5, 2011

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12
Hi Steve -

The input from my colleagues below is right on target. I would add that many buyers mis-perceive that buying a Short Sale property is the same opportunity as an REO (bank-owned/foreclosure) property and nothing could be further from reality.

Dealing direct with a lender who has repossed the property can offer a few advantages:

1. The seller-in-distress issues are removed from the equation and thus streamlines the transaction timeline.
2. Banks may be willing to accept a price lower than what the loss-mitigation department would have considered acceptable during the short sale stage. This is because they are guided by the property's appraisal and generally look to the lowest rung on the ladder of fair market value.

Finally, if you do write an offer on a short sale property, make sure your agent writes in a Subsequent Offer clause that would prevent the seller and lender from accepting an offer (presumably with a higher purchase price) after your offer was accepted and escrow opened. This measure reduces your risk of wasted dollars on appraisals (required by your lender) and the physical inspection. If the lender is unwilling to accept this condition, you might be better off looking for another opportunity.

Craig Whitlock
Coldwell Banker Brentwood
(310) 488-4399
http://www.WestsideHomesGallery.com
0 votes Thank Flag Link Tue Mar 8, 2011
You might want to read my post at: http://activerain.com/blogsview/1873810/looking-to-purchase-… which will provide information on purchasing a short sale property.

Thanks,
Sara Mehrpouyan CDPE
Rodeo Realty
Specializing in Foreclosure & Short Sale
Direct: 818-903-2040
http://www.AtHomeWithSara.com
0 votes Thank Flag Link Mon Mar 7, 2011
yes. Short Sales.

Ron Escobar, MBA
Broker & General Contractor
Web Reference: http://shortsalecentral.org
0 votes Thank Flag Link Sun Mar 6, 2011
Hi Steve: I wrote a post about short sales and posted the link below, hopefully it will help you. But if you want a more specific answer then more information in your question is needed!
0 votes Thank Flag Link Sun Mar 6, 2011
Good morning Steve,
If you are looking for short sales in Santa Monica, I would be happy to assist.
Susan Bo'ur - Realtor Santa Monica
(310)586-0303
0 votes Thank Flag Link Sun Mar 6, 2011
If you have about 6 months or so to wait give it a shot.
If not, try a foreclosure or privately owned one.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Sun Mar 6, 2011
"Short sales" really aren't so short.............possibly a more appropriate term to describe them would be "the impossible dream, Heartbreak Hotel, or Danny Boy"
0 votes Thank Flag Link Sun Mar 6, 2011
"Short sales are like leaches. They both ___." Forest Grump
0 votes Thank Flag Link Sun Mar 6, 2011
It must be stressful to buy or Sell a Short Sale(LOL). Need a bit more info Steve!
0 votes Thank Flag Link Sun Mar 6, 2011
Hi Steve:
Buying a short sale can be stressful for some homebuyers without knowing what it involves. Therefore, it is even more important to understand what short sales are and its process, so you have some expectation going in. Finding an agent who knows how to structure your offer for a short sale is critical to the success of getting your offer accepted. It can take as long as 12 months to get an approval from the bank and close a transaction. Although, many lenders said they are improving their short sale process, the fastest short sale I have ever done still took 2.5 months from submitting an offer to closing. You can read more about the process on buying a short sale on my blog: http://helenchong.wordpress.com/2010/06/04/what-is-the-proce…
Hope this helps and I will be more than happy to answer any more questions you may have regarding short sale.
0 votes Thank Flag Link Sun Mar 6, 2011
Yes...what are you asking about short sales? Are you looking to purchase a property via a short sale?

Let me know what you would like to do.

All the best,
Kat Becker
Prudential California Realty - Santa Monica
katbecker@prual.com
(323) 819-4760
0 votes Thank Flag Link Sun Mar 6, 2011
And what is it that you are asking about "short sale"?
0 votes Thank Flag Link Sat Mar 5, 2011
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