Home Buying in Santa Monica>Question Details

Jerati, Home Buyer in Santa Monica, CA

making an offer on a short sale

Asked by Jerati, Santa Monica, CA Thu May 14, 2009

i'm thinking of making an offer on a short sale and want to make sure i understand the process. the home i'm looking at is listed for $400k and the seller has $575k in loans. if i make an offer: 1) what is a good estimate of how long it will take; 2) can i ask for repair to be covered if i discover after the inspection - for instance can i have them cover all termite repairs; 3) when do i have to do the inspections and have my loan - should i start on that after i submit my offer or wait for word from the bank; 4) do i pay my deposit with my offer or can i wait until the bank approves; 5) what if i get tired of waiting - can i back out and get my deposit back; 6) what if the appraisal comes out lower than my offer price - do i have to come up with the difference. thanks!

Help the community by answering this question:


Hi! Jerati...

To answer your questions

1) As much as 90 days after submitting the offer, depending upon circumstance
2) Not likely, short sales tend to be “as is”
3) Have your financing in order ASAP. Wait until your offer is accepted for your inspections.
5) Your funds aren’t submitted until acceptance, then you can back out during due diligence if you wish.
6) Not likely to happen on a short sale.

Jodi Summers
The SoCal Investment Real Estate Group
Sotheby’s International Realty, Santa Monica
A candle loses nothing by lighting another candle. - Erin Majors
0 votes Thank Flag Link Thu May 14, 2009
Hi there Jerati. My advice is to consult with a professional Realtor who works with short sales. They can be very rewarding for buyers but also can be very frustrating if you are not fully informed or educated

You need to be working hand in hand with a professional for such a transaction

If you are not working with an agent and would like to talk about some ideeas then let me know

Kind Regards
Michael Barron
Realtor/MBA/Short Sale Specialist
First Team Real Estate
0 votes Thank Flag Link Thu May 14, 2009
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