If you’ve been in tune with the national housing market over the past few years, you no doubt have heard about short sales. While, as a country, we are finding our way out of the shaky real estate market that’s been looming over the past few years, there are still remnants of the tough economic times and short sales are still finding their way to the market.
If you are considering buying a short sale for your Lake Nacimiento home, you’ve come to the right place! As a Lake Nacimiento Real Estate agent, I wanted to be sure to continue to help buyers and sellers navigate the then tumultuous real estate market and earned my Certified Distressed Property Expert designation having completed extensive training in foreclosure avoidance and short sales.
As you face the option of purchasing a short sale for your Oak Shores or Heritage Ranch home, there are some questions you or your real estate agent want to be sure to ask the sellers real estate agent. It’s important to note that not all real estate agents have been trained or have experience with distressed properties, so you want to be sure to do your research to ensure there’s an option for a successful short sale transaction. Here are 6 key questions to ask!
1. Who is negotiating the short sale?
– If the sellers agent has never negotiated a short sale before, you’ll want to save your time and energy and move on! The chances of an inexperienced sellers agent getting the home to the closing table are very small. If they have completed a short sale, you’ll want to know how many they’ve successfully closed.
2. Has the short sale package from the lender been taken care of?
– The seller will need to have filled out various documents provided by the lender in order for the short sale to be official. If this hasn’t been done, you’ll also want to be leery of moving forward, unless the paper work is in the works.
3. Who are the lenders servicing the loan?
– While this is a basic question, it’s important to ask. You’ll want to know if the sellers agent has worked with this particular lender before as certain lenders can be more difficult to deal with. A short sale can take up to 12 months depending on the lender.
4. How many loans are on the property?
– If there is more than one loan out on the property, the short sale will be more difficult. If there are multiple lenders involved, the sellers agent will then need to negotiate with both lenders and make sure both are in agreement, which can be challenging.
5. How will offers be handled?
– This question of how offers will be submitted to the bank is very important! To correctly submit an offer to the bank, the seller needs to sign an offer that makes sense and submit it to the lender; which is the same as any other sale. They still own the home and can accept or reject an offer. Also, be wary of a seller’s agent who plans to submit multiple offers to the bank as this shows they don’t have the experience in selling a short sale.
6. How close is the seller to a foreclosure?
– If the sale is more than likely going to end up in a foreclosure, it’s best to walk away from the home. An experienced sellers agent would know to make sure all foreclosure proceedings are put on hold.
I hope these questions shed some light on buying a short sale home and gives insight into what questions you need to be asking!
If you have more questions on buying or selling a short sale, please feel free to contact me today! I have experience in successful distressed property sales and would be happy to help you navigate these tricky transactions.
I look forward to hearing from you!
Grace Borzini
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty
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Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.
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