3. September 2010 11:25
In today’s market place short sale listings are prevalent. The process of purchasing a short sale property is very unique and the key factor is for you to have patience throughout the process. It is absolutely crucial that you have an experienced real estate team such as us guiding you throughout the entire process.
The good part is that buying a short sale these days is a lot smoother as compared to recent years. In general the banks are cooperating and making decisions faster. Our team has assisted many home owners with purchases of short sale properties and we know what it takes to negotiate the best deal for you.
Short sale properties are generally listed at a price that is below the fair market value. Typically only one offer is accepted by the seller of the property and the listing agent then must submit the offer directly to the bank in order to obtain the short sale lender’s approval.
Once we submit an offer to purchase a short sale property to the listing agent, it can take anywhere from 30-90+ days for the short sale lender to respond to the offer. After this point, it is common for negotiations with the bank(s) to take anywhere from another 14-30 days. If there are two lien holders on the property such negotiations are more complicated and may take additional time.
We have helped many of our clients get fabulous deals by purchasing short sale properties.
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COASTAL SAN DIEGO PROPERTIES