Buying a Short Sale in Roseville-Bank Approval and Pest Inspections

Buying a Short Sale in Roseville-Bank Approval and Pest Inspections

Buying a short sale in Roseville is not like buying a traditional sale.  There are several guidelines specific to short sales that a Roseville short sale agent must know in order to exceed buyer expectations and close a successful short sale.

Albert Chavez, Loan Officer from Summit Funding in Sacramento, explains how buyers should write a short sale offer to please their lender and obtain short sale approval from the seller’s lender:

Albert waits on the short sale approval from the bank before ordering an appraisal.  This is for two reasons.  First, bank approvals typically take 3 months but as long as 9 months.  The comps for real estate can change during this period of time.  Ordering an early appraisal may be irrelevant a few months later.  Without a bank approval, there is no solid contract.  It is a waste of buyer’s money to pay for an appraisal and have the bank reject the short sale.  Also, with a bank approval comes a solid close of escrow date.

When buying a short sale in Roseville, do not include a pest inspection or clearance in your offer.  First, it complicates the approval process to ask the bank to pay for a pest inspection.  They will counter the offer, removing the pest inspection and clearance.  Most times a loan underwriter will not require a pest inspection IF it’s not written on the original contract.  If the inspection and clearance are written on the offer, the underwriter will want them completed.  You can see how this turns into a problem if the bank won’t pay for it. 

Buyers should remember that sellers are selling their Roseville home as a short sale because they can no longer afford it.  Sellers are usually insolvent and can not contribute to items buyers write on a contract that the bank will not pay for like pest inspections.  Buyers should consult with a Roseville short sale specialist how can best advise how to write a short sale offer and also what to expect during a short sale.

Contact Albert Chavez for your short sale loan in Roseville.

Buying a Short Sale in Roseville-Bank Approval and Pest Inspections

Posted by Allan Sanchez Roseville Real Estate Agent www.AllansHomes.com