Ready to make a deal on a short sale?


	When a seller owes more on their home 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 due.

Purchasing a short sale in San Diego, California on your own is risky. Contact Cabrillo Mortgage and Realty Services for expert advice.

Can I get a bargain on a short sale?

Occasionally. Most people hear the words "short sale" and instinctively think of a seller that is in trouble and needs to sell their property promptly to avoid further financial problems. This is at times the case and can be an opportunity for a buyer to make the most of another's misfortune. More commonly, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have depreciated. In cases such as these the reduced price may in fact be consistent with actual market values rather than below.

How do I buy a short sale?

Always do your research before making any offers. Using an experienced REALTOR^® from Cabrillo Mortgage and Realty Services to support your research of a property can help you make informed decisions. We can help discover to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Getting these facts can help you make a decision about how much to offer.
Use a REALTOR^® with short sale knowledge. The real estate agents at Cabrillo Mortgage and Realty Services can help expedite the transaction and ensure that you're protected. Don't allow inexperience to hold up the closing process. Let our experience and knowledge work for you.
Even with an experienced real estate agent and under the best circumstances, buying a short sale property will usually take longer than a typical real estate transaction. Know that a majority of short sales will not close in the customary 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the sale terms. In most cases your offer will go before a committee to approve which will add time - sometimes even 2 to 3 months.
Home protection plans, buyer credits and allowances, and closing cost concessions are normally not negotiable when working with a short sale. The lender is selling the property "as is" which means the lender will not be paying for repairs. Make sure to reserve the right to have inspections for pests, HVAC, electrical, and other critical areas. At Cabrillo Mortgage and Realty Services, when we write an offer, we are looking out for your interests first and foremost and will always suggest that you make your offer contingent upon the results of the inspections.

If you're ready to buy, whether it be a short sale or a typical home sale, Cabrillo Mortgage and Realty Services can help you. Use our experience and knowledge of real estate to make sure that you are getting a fair deal and protect yourself during the entire transaction.