Homes in Stockton: Short Sales and The Buyers Advantage
One of the biggest problems we see in a short sale transaction is buyer education. Patience is one of the most important attributes of a buyer considering a short sale and this also includes the buyer’s real estate agent. The buyer’s agent needs to educate the buyer’s expectations on the time frame it takes to get a short sale approval. The process can of take 60 to 90 days to receive an approval from the seller’s lender. The upside for the buyer is that the home is in usually better condition and many times there is instant equity.
The Lender You Choose can Make or Break the Sale
Choose a lender who understands short sales. The pre-approval process should be the same whether the buyer is being pre- approved to buy a short sale or pre-approved to buy a property with equity. It has been our experience that 10 to 15 percent of short sales that have been approved by the sellers lender do not close because the buyers loan falls through.
Inspections
We advise buyers to do inspections before the short sale approval, if the problems with the condition of the property is known before the initiation of the short sale process, the sellers lender will be more agreeable to approve a purchase price that is less than the current market value. It is difficult to go back to the bank and ask for a lesser purchase price when a home inspection that was done after short sale approval.
A majority for the homes in Stockton and homes in Lodi for sale are either foreclosures or short Sales. very often the short sale is the best option for potential homebuyers. We urge buyers to do their homework and choose a real estate agent that is experience with short sales to guide the process. The Real Estate Team of Hugh Lilly and Maria Estrada at PMZ Real Estate have helped buyers achieve their real estate goals, visit www.your-new-address.com and start you home search.