Buy A Short Sale Home in Elk Grove
It’s a Buyers Real Estate Market and often the best deals, with the most room for negotiating come from short sale listings.
A short sale is when a seller owes more on their home than it’s worth and must sell, negotiating with the lender to accept less than the mortgage amount.
As an Elk Grove short sale buyer, your best chance for a successful short sale starts with hiring a Elk Grove short sale expert. Real estate agents who specialize in short sales know how to best navigate a short sale on the buyer’s behalf.
Duties for an Elk Grove Short Sale Buyer’s Agent:
When buyers write an offer on an Elk Grove short sale, they typically want some kind of assurance that their offer will be presented, accepted, submitted to the bank, approved by the bank, and closed. The short sale process is long, much longer than a traditional sale, but it can be much smoother and shorter by using an Elk Grove short sale agent. Here are some things an experienced Elk Grove short sale agent can do for their buyer:
Buy a Short Sale Home in Elk Grove
1. Verify that the listing agent is also experienced selling short sales. If they are not, chances are good that the short sale will be a long process and possibly not happen. Because short sales are so different from traditional sales, there is a huge learning curve for inexperienced agents. Don’t let them learn on your valuable time!
2. Find out the identity of the lender and wheater there is one loan on the property or two. There are certian lenders that have adapted well to the short sale process. They are a pleasure to work with and quick with responses. They are other lenders who are completely bombarded with short sale offers and have not developed a system to handle them. Your Elk Grove short sale agent will be able to advise you about the lender and if they are easy or difficult to work with.
3. Talk to the listing agent to see whether they will be negotiating the short sale or referring it to a third-party short sale negotiator. If a short sale negotiator is being used, the buyer and buyers agent have less control during the transaction because they are not dealing directly with the negotiator.
4. Run comparables. Your Elk Grove short sale agent will expertly compare the home with similar homes. You’ll want to write an offer for an aggressive price but also a price that the bank will accept. Lenders get third party opinions and appraisals. Although they will generally sell slightly below market value, they will not steeply discount.
5. Craft an offer the bank will accept and will eliminate competitor offers. You want a tough negotiator on your side so that you get the best deal, the seller and bank accept your offer, and you don’t miss out on the house all together.
A short sale is not the time to pick an inexperienced real estate agent.
Contact Allan Sanchez for a LIST of Elk Grove short sale homes for sale.
Buy a Short Sale Home in Elk Grove
Posted by Allan Sanchez Elk Grove Short Sale Agent www.AllansHomes.com
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