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    What to Look Out for When Buying a Short Sale | Friday’s with Fred

     

    For many Orange County home owners the short sale option is still “on the table” and they are considering it right now to get out of their “underwater home” and get financial relief. The sad fact about short sales in California is that only about 60% of them actually close escrow and this is due in large part to inexperienced real estate agents handling those short sales.

    Here are five tips that every home owner and short sale buyer in Orange County should follow to insure that they are able to successfully navigate through the Orange County short sale process.

    Use an Experienced Listing Agent

    Before choosing an Orange County short sale listing agent, you should verify their level of experience by asking them the following questions:

    • How many short sales have you closed in the last year?
    • Is this your only source of income?
    • What’s your marketing plan to drive more potential buyers to my home?

    Verify the Listed Price

    Make sure that the listed price is the same as the approved price. Even though this may seem like an easy step it’s not uncommon for an agent to list a price prior to receiving bank approval. This step can be easily avoided if the price is verified from the very beginning.

    Inspect the Home

    For Orange County short sale buyers; they should inspect the home that they are planning on buying so they can have full knowledge of any potential problems that the home may have like termites, water damage, plumbing problems etc. This step can easily save a buyer $10,000 or more in repairs that they wouldn’t have had to make if they inspected the home thoroughly before buying it.

    Sellers Commitment

    If you’re a short sale buyer, you’re committed and are serious about the home that you’re considering buying but, is the seller serious? Make sure that the seller is committed to short selling their home before you move forward with the short sale process because, some sellers have been known to back out of short sales leaving buyers with nothing but empty promises.

    Does It Have Liens?

    Last of all, but most important, any Orange County short sale buyer and seller should verify that the home they are interested in buying or selling doesn’t have any liens on it. Why is this step important? Liens are like old skeletons in the closet that homeowners many times don’t know are there and once a lien is uncovered, it can delay the short sale process for weeks or months until the lien holder accepts payment for the lien.

    Got more questions about short sales? We can help! At Best OC Properties we have the short sale experience that you’re looking for which will help you to short sell your Orange County home or buy that Orange County short sale that you’ve had your eye on. Call us today at (949)272-0125 to learn more about how we can help you through the short sale process.

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