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Team Aldrich
(877) 644-SELL (7355)
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Short Sale Buyers Needed
Purchasing a home through a short sale has many advantages over buying a home through foreclosure whether you're an investor or simply looking for a home for your family. With over 50 years of combined experience in the local real estate and lending market, Team Aldrich can help you find a home with built-in equity.
Interested in viewing all currently listed homes? Visit www.TeamAldrich.com for a comprehensive list of all properties for sale in Placer, El Dorado, Sacramento, Yolo, Stanislaus, San Joaquin and Merced counties.
What is a Short Sale?
Hire an Agent with Short Sale Experience
Getting the Bank to Say "Yes!"
Why Do Short Sales Work?
What is a Short Sale?
A short sale means the seller's lender is accepting a discounted payoff to release an existing mortgage. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it.
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Hire an Agent with Short Sale Experience
It's one strike against you if the listing agent has never handled a short sale, but it's even worse if your own agent has no experience in that arena. You need an experienced short sale agent.
An agent with experience in short sales will help to expedite your transaction and protect your interests. You don't want to miss any important detail due to inexperience or find out your transaction is not going to close on time because no one has followed up in a timely manner.
A lender is not going to agree to a short sale unless the seller has no equity and is unable to repay the difference between your sales price and the existing loans. Sellers need to provide a hardship letter and a complete short sale package to the lender. An experienced agent can make sure that this package is complete and submitted in a timely manner.
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Getting the Bank to Say "Yes!"
We understand what the lender is looking for in a short sale file. We know that being prepared and maintaining our professionalism are critical to getting short sale approval.
You only have one chance to make a good impression, and from us, that's just what they'll get. The seller has one opportunity to impress the lender with a complete, well-organized file. We know what the lender is looking for and will help structure the application to give you the best chance of receiving short sale approval.
Getting a short sale approved takes time. How much time, in large part, depends on how complete and thorough we are with our initial short sale request package.
Even with a great short sale package, some files are going to take longer than you would like. Mortgage companies are currently staffing up their loss mitigation department to meet the growing short sale demand. Expect that the escrow will take between 45-90 days. Have patience, good things are worth waiting for.
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Why Do Short Sales Work?
Lenders are in the business of making loans, not selling real estate. The lender does not want to own and maintain property.
The mortgage holder is aware that vacant, foreclosed properties are attractive nuisances, subject to vandalism, theft and continued maintenance. Purchasers of foreclosed properties require sharper discounts from the bank because there is no seller disclosure to depend upon, causing the lender to ultimately take less for a distressed property.
The Sellers prefer a short sale to help protect their credit and are more likely to keep the house in good repair.
The Buyers win by acquiring property below market price and gaining instant equity!
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