I was looking to buy my first home in the Sacramento area and thought purchasing a short sale home might be a good route for me. I decided to contact my local Short Sales Agent in Sacramento to get some more information on the process and what homes are available in my Elk Grove neighborhood. My Sacramento Short Sales Agent informed me that short sales are real estate transactions that provide alternatives to foreclosure. The lender approves a sale in which the proceeds are less than the amount owed. The terms of the sale must satisfy all claimants on the home–short sale properties might have multiple loans taken out against it. Tax liens and mechanic’s liens can complicate negotiations. In order to protect short-sale sellers, the California Legislature passed laws that prevent lenders from suing sellers for the amount still owed after short sales close.
Short Sales Sacramento was very helpful and let me know that buying a short sale is that it is not just a two party transaction. Even if I made a full price offer to the seller and have them accept it, but if the bank reviews it and decides that it isn’t good enough they will not accept it. When making an offer on a short sale, be prepared for a counter offer from the bank and leave yourself a little room in your asking price to negotiate with. I was very appreciative of my Short Sales Agent in Sacramento being so upfront to the entire process. As a first time home buyer it is refreshing to have a Short Sales Agent in Sacramento I know I can trust and will advise me honestly.
Short Sales Agent in Sacramento is a Elk Grove and Sacramento based short sales real estate agent.