So you’re seeing the words “SHORT SALE†splashed all over real estate signs across town, on the news and in the headlines. Short sales are everywhere, but exactly WHAT ARE THEY and WHO BENEFITS from them? Let’s take a quick, painless, non-confusing look. You’ll be clued-in in no time, and if you have any questions, you can always call us at (562) 364-9505. We’re happy to help.
So, just what is a short sale? Basically, it’s when the seller’s bank or mortgage lender accepts less than what is owed on a home (aka a “discounted payoffâ€) to quickly offload an existing troubled mortgage. Many banks and lenders are attracted to short sales because they’re one of the most economic means of recouping their losses on a distressed property that they would have otherwise foreclosed on. Plus, a short sale helps lenders, banks and sellers avoid the long, drawn-out, complicated process of a costly foreclosure.
Why would I want to buy a short sale? The 5 Top Benefits:
1. You’ll save time and money. The two top benefits of short sales for buyers are: 1) a HUGE DISCOUNT, sometimes up to $50,000 and more, off a home’s purchase price, and 2) an INCREDIBLY FAST sales transaction; many short sales take only 30 days to close, from paperwork to keys-in-hand.
2. They’re easy to find. The Shandrow Group has exclusive insider access to top quality Southern California short sales properties, sometimes weeks BEFORE they appear on the market. When you work with our experienced short sale experts, you’ll have no problem finding a property for short sale that suits your tastes, geographical needs, turnaround time and budget.
3. Less buyer competition. Even amid the recent spike in mortgage defaults, believe it or not, statistically there are still fewer homeowners facing the threat of foreclosure than sellers who are not. The trend of more and more homeowners looking to short sales to avoid foreclosure and fewer buyers all-around truly narrows the field in your favor. This enables you to better negotiate a discount with the mortgage lender or bank, both of which are typically in a rush to get rid of a losing asset ASAP.
4. They’re “feel-good†transactions. When you buy a short sale, you’ll feel good knowing that you’ve actually helped a troubled homeowner avoid foreclosure, an unfortunate event that everyone wants to avoid at all costs. Plus, you’ll be helping homeowners who could no longer afford their house payments avoid the crushing impact of a home loan default on their credit report. In effect, you’ll be doing your part to ease the country’s foreclosure crisis and reduce the epidemic of neighborhood blight at the same time.
5. More control. With short sales, buyers can wield more negotiating power when it comes to the final sale price of a home, often getting you lots more home for fewer bucks. Plus, you’ll get the added benefit of the Shandrow Group’s proven, effective short sales contacts and negotiation experience—on all sides of the transaction, from our valuable, proven relationships with loss mitigation departments at local and national banks, mortgage lenders, real estate lawyers and beyond.
Stay tuned for the Shandrow Group’s second short sales installment: The Top 5 Reasons to Sell Your Home Via Short Sale.
In the meantime, for more on the Shandrow Group’s successful short sales track record, click here. The link takes you to an informative post that answers a pressing question on a lot of homeowners’ minds these days: “Do I have to behind on my mortgage payments to do a short sale?”
Thanks for checking in. I truly appreciate your readership and referrals.
Best,
Your trusted connection to the Southern California foreclosures and short sales markets,
Sincerely,
Mark Shandrow
REO Broker-Associate
Keller Williams Realty
markshandrow.com
