Buying a Clairemont Short Sale

A Clairemont Short Sale Could Be a Great Investment

Clairemont Short SaleWhen buying a first home, the budget is always tight. However there is always one often overlooked type of purchase that you can make in order to significantly lower the cost of your home purchase; that type of purchase is a short sale. Buying a Clairemont short sale is a great way to save a lot of money [sometimes thousands upon thousands of dollars] while still getting a great home!
With the economy as bad as it is, a lot of home owners are upside down on their mortgage. A short sale is simply a loan office [Bank, Credit Union, Loan Officer] accepting a discounted amount of money to release the existing home owner’s mortgage. In most cases, the seller will accept the offer before the lender will, so don’t get your hopes up when they do; the lender is the important one.

 

Helpful tips for buying a Clairemont Short Sale

Here are some important tips in order to assist you in buying a Clairemont short sale:
• Don’t expect to pay less than fair market value. Most Clairemont short sales will be listed well below market value and the lender will never accept the offer. In order to get your offer accepted, or at least not laughed at by the lender, be prepared to pay above the asking price and you will have a shot at getting your Clairemont short sale offer accepted.
• Have your real estate agent look into the Clairemont short sale listing agent’s selling recorder. If he or she hasn’t closed any short sale deals then that might be an indication that the agent is hard to deal with. Your own real estate agent is not allowed to be in communication with the bank so it’s up to the Clairemont short sale listing agent to get your offer to the desk of the lender. If he or she has never done it, then it might be worth looking for a different house.
• Find out how many offers are on the house. Generally it takes four or five offers before the lender accepts, so it’s a good idea to find out how many there are before making your offer. Generally the first and second are below and around the asking price, the third will be slightly above, and the fourth or the fifth offer get accepted. You want to make sure you are around the price of the fourth or fifth in order to get your Clairemont short sale.

Buying a Clairemont short sale can be difficult, but it can be a reward. Do the research, let your realtor do what he or she is paid to do, and most importantly, be patient. It will take lots of time. Lenders are not known as being the fastest people in the world, so put in your offer and sit back and relax. It will pay off in the end.

For more information on purchasing a Clairemont short sale please click here.

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Category : Blog &Clairemont Housing News &Short Sale News

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