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Tips for a Short Sale Buyer

Buying in a short sale transaction can be a boom or bust (or something in between). In a short sale, the property is "upside down" which means the seller owes more on the mortgage than the property`s value. The short sale seller and buyer enter into a sales contract, but the seller is not obligated to sell unless the seller’s lender accepts a loan payoff for less than what`s owed. Some buyers flock towards short sales in hopes of snatching up a good deal, whereas others stay away believing short sales are more trouble than they`re worth. Ultimately, as the buyer, you can`t be sure your short sale transaction will succeed, but you can certainly stack the odds in your favor. Here are some good tips to help ensure your short sale purchase will be a boom, rather than a bust:

Copyright© The information contained herein is believed to be accurate as of May 10, 2010. It is intended to provide general answers to general questions and is not intended as a substitute for individual legal advice. Advice in specific situations may differ depending upon a wide variety of factors. Therefore, readers with specific legal questions should seek the advice of an attorney. 2010 CALIFORNIA ASSOCIATION OF REALTORS (C.A.R.).

Anyone can experience a setback, however, the short sale endeavor is all about the comeback! Short Sale Sully can help you.