What is a short sale in real estate? The real reason a person would want to engage in such a selling process can be financial distress or any urgent travel plans. Usually, the homeowners who initiate the short sale cannot pay the debt and have to settle on a lower than market price. This is a legal contract that is agreed upon by all parties.
Investors, or as we call them, buyers interested in the short sale homes, must understand and consider a few essential aspects. A successful investment has to be thorough and well planned, as mentioned in this reading:
1. Do not overlook the involvement of a 3rd party in short sales homes.
The detailed process of buying short sale homes in Orange County is limited to a buyer and seller. The third party is the lender or the bank, and every stakeholder has to be on the same page during the agreement.
2. Keep in mind the transaction flow.
The money going to the lender is something different in the short sale homes scenario than a typical property deal. The distressed seller will make sure that the loan amount is transferred to the bank due to this agreement.
3. Time consumption of the process
If you expect the real estate short sale in Orange County to get settled within a few weeks or days, that is a wrong assumption. Keep your cool to get this golden deal at a much lower price than the home could have cost you otherwise. Every investor needs to get an assessment from the real estate experts to ensure a contract.
4. Don’t over aim for a lower price.
The price you throw in for the short sale homes must be acceptable for the seller and lender. Some people try to get the most out of a deal and eventually lose the opportunity in the end. Act smartly to get the dream house for your family.
5. Brace yourself for additional expenses
Such sellers aiming for a short sale of the house must have ignored some essential maintenance and other expenses. This may not be much, but the amount of expenditure will come as a negative surprise; it’s still worth the trouble.
While contemplating your choices for buying short sale homes in Orange County, you must think clearly and weigh all dimensions. Usually, buyers interested in this kind of property will have to wait a substantial time to secure a profitable deal. The variety from the ones listed as foreclosures and short sales are available conveniently if you know the right real estate agents.
Hadi Bahadori/ Home Smart Evergreen Realty
27802 Vista Del Lago, Suite E2,
Mission Viejo, CA 92692