Ventura County CA – Buying a short sale can be a great idea. Most short sale properties are priced very competitively to other homes on the market.However, buying a short sale is not easy. The seller has to convince the lender to accept a big loss on the mortgage. Banks do not like losses. Because of that they double check everything before approving the sale.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
The biggest thing you need to be aware of is that there is no guarantee that the seller's lender will approve the sale.
It has a very good chance of it being approved if the seller's agent is competent and experienced with short sales. However, not all agents understand short sales.
Here are the costly mistakes you want to avoid when buying a short sale.
Costly Mistake #1: Selling your house before the short sale is approved. If the short sale is delayed or rejected by the lender then your moving plans can be thrown into limbo.
Costly Mistake #2: Not ordering a thorough inspection before purchasing. Most people short sale their home because of financial problems.
This means that they have not had the money available to properly maintain their home. Other homeowners have had to move out of their home for other reasons such as a job transfer.
They tried to sell their home for what they owed, but no buyers were interested. After being on the market for a while they finally realized they were upside down and decided to short sell their home.
In the meantime their home was empty and wasn't maintained. This can cause a lot of problems.
To avoid this problem make sure you hire the best inspector you can find. Make sure they go thru the entire home looking for problems.
Costly Mistake #3: Using a realtor that is not experienced with short sales. There are many other potential problems that can arise when you are trying to buy a short sale.
If your agent does not understand the short sale process, then they will not know what to do when a problem arises.
Even worse, they may not foresee a potential problem and help you deal with before it turns into something worse. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at cjohnson@prucalhomes.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 805-208-0823.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Ventura County loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this,
Chris B Johnson, Realtor
Chris is a Real Estate Agent at Prudential California Realty.
Phone: 805-208-0823. cjohnson@prucalhomes.com.
Certified HAFA Specialist, Certified Short Sale Specialist, Certified Distressed Property Expert
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View My homes for sale at www.ChrisBJohnsonRealtor.com.
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Ventura County Short Sale Specialist, Realtor, Short Sale Specialist, Realtor, Ventura County CA Short Sales. Ventura County Specialist, Realtor, www.theshortsaleguide.com ,
Certified Home Affordable Foreclosure Alternative Specialist . Always check with a good real estate attorney to find out the laws in your state. There are also legal aid non profits that can give you advice on what to do to stop a garnishment or bank account seizure.
You should also look at California SB458. With the passage of SB458, the Expanded Anti-Deficiency Law May Have Unintended Consequences on Ventura County Short Sales. So Please read http://venturacountyshortsalerealtor.com/?p=948.
For Disclosure, and more information on Mortgage Assistance Relief Services, please see Code 16 of Federal Regulations (FTC), Part 322, or , http://www.ftc.gov/opa/2010/11/mars.shtm and always consult your CPA, Accountant, Financial Advisor and Attorney before you any financial or legal decisions. Also see http://venturacountyshortsalerealtor.com/?p=1066.
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Loan Mod vs Short Sale Click here.
Income Property Info Click here.
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