Want to buy a short sale?


	A short sale is when the seller's lender consents to get a reduced amount to release a mortgage. Should you have any questions regarding real estate in Sonoma County, California, contact me here or e-mail me.

Purchasing a short sale in Sebastopol, California on your own is risky. Contact Stephens and Associates for expert advice.

Are short sales good deals?

From time to time, yes. Often times people hear the term "short sale" and instinctively think of a seller that is in default and needs to sell their house promptly to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to cash in on another's misfortune. Alternatively, a lender may consider a short sale even if the seller is current with their mortgage, but property values have declined. In cases such as these the "bargain" price may in fact be in line with actual market values rather than below.

How do I buy a short sale?

Always do your research before making any offers. Using an experienced real estate professional from Stephens and Associates to help you research a property can help you make informed decisions. We can help learn to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Locating this info can help you determine how much to offer.
Hire a real estate professional with short sale knowledge. Carrie Stine of Stephens and Associates can aid you in expediting the transaction and make sure you're protected. Don't permit inexperience to impede the closing process. Put our knowledge and experience to work for you.
Even in the best of situations and with an experienced real estate agent, buying a short sale property will generally take longer than a typical real estate transaction. Be aware that many short sales will not close in 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the discounted price. In most cases your offer will be presented to a committee to approve which will add time - sometimes even 2 to 3 months.
Home protection plans, buyer credits and allowances, and closing cost concessions are generally non-negotiable when dealing with a short sale. The lender is selling the property just the way it is which means the lender won't be paying for repairs. Be sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. Carrie Stine of Stephens and Associates, when we write an offer, we will be looking out for your interests first and foremost and will always advise you to make your offer contingent upon the outcome of the inspections.

When it is time to buy, whether it is a short sale or a typical home sale, Stephens and Associates can help you. Use our experience and knowledge of real estate to make sure that you're getting a fair deal and protect yourself during the complete process.

* MOL = More or Less