Santa Clarita Real Estate

Short sales are just about the topic of the day here in Southern California - with many local market areas leading in short sale and foreclosure properties available for purchase.

Just what is a short sale? and how can you buy one?
The first part of that question is much easier to answer than the second part!
Short sales happen when the owner of the property cannot make his payments and is forced to list and sell his home for less than the amount of the mortgage. Generally, a hardship of some type usually leads to short sale, job loss, being a common cause and in todays real estate market the matter of properties dropping in value leads to short sale - a seller can’t sell for the amount of his mortgage.

If you are considering a short sale, it will be to your advantage to work with an agent that knows the short sale process.
Many short sales are sold in their present condition - "as-is" the seller wont do any repairs so you are literally buying the house as it is. A buyer should have a home inspection done by a reliable company before committing to purchase any short sale - that goes for the purchase of any home whether it be regular sale , short sale or foreclosure properties.

The process of short sale purchase your agent will be dealing with the company who holds the note - usually a bank, notoriously slow in responding to agents regarding offers - be patient, though don’t wait too long  for a response to your purchase offer - have your agent put that in writing with the offer otherwise you will be tying yourself up waiting to hear, taking your self out of the running on other properties available.
Your agent should prepare comps for the neighborhood, that way you will know what homes have been selling for in the neighborhood and judge this homes potential against the price of homes that have sold.

(More coming soon …)