Looking to purchase a short sale?


	When a seller owes more on their house than its value, they can sometimes get the lender to agree to a short sale, whereby the lender agrees to release the mortgage for a sum less than what's owed. Should you have questions about real estate in Los Altos, California, contact me here or e-mail me.

Purchasing a short sale in Los Altos, California on your own is risky. Contact Flexar Group for expert advice.

Are they good deals?

From time to time, yes. Most people hear the phrase "short sale" and automatically think of a seller that is insolvent and needs to sell their home promptly to avert further financial problems. This is at times the case and can be an opportunity for a buyer to cash in on another's misfortune. In contrast, a lender may consider a short sale even if the seller is current, but property values have fallen. In these cases the discounted price may in fact be consistent with actual market values, not below.

Are you ready to buy a short sale property?

Before making any purchase offers, do your homework. Using a knowledgeable REALTOR^® from Flexar Group to help you research a property will help you make educated decisions. We can help find out to whom the property is titled, the balance still owed to the lender, and whether or not a foreclosure notice has been filed. Having this information can help you determine how much to offer.
Get a real estate agent with short sale experience. The real estate agents at Flexar Group can aid you in expediting the transaction and make sure you're protected. Don't let inexperience impede the closing process. Put our experience and knowledge to work in your favor.
Even with an experienced real estate agent and under the best circumstances, buying a short sale property will generally take longer than a typical real estate transaction. Be informed that many short sales will not close in the customary 30 days or less. Remember that you're not only getting approval from the seller, but the lender must also agree to the sale terms. A lot of the time your offer will go before a committee to approve or disapprove which will add time - sometimes even 2 to 3 months.
Home warranties, buyer credits and allowances, and closing cost concessions are normally non-negotiable when buying a short sale. The lender is selling the property "as is" which means the lender won't be paying for repairs. Be sure to reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Flexar Group, when we write an offer, we are looking out for your interests first and will always recommend that you make your offer contingent upon the results of the inspections.

When you are ready to buy, whether it be a short sale or a typical home sale, Flexar Group is available for you. Apply our experience and knowledge of real estate to be certain you're getting a fair deal and remain protected during the full purchase transaction.