Sunday, July 11, 2010

Short Sale Secrets - Los Angeles Short Sale Homes

The short sale process is very complex, and I recommend only a licensed real estate agent (Realtor) handle your short sale.  Run if anybody asks for money upfront to handle your short sale in Los Angeles.

Listing your home on the market is important because the objective to getting the short sale process started is to find a buyer willing to pay market price for your home.  The word 'Market Price' is very important.  Let me explain...  Once your real estate agent puts a short sale package together and sends it to your lender(s) for short sale approval, they will eventually hire an appraiser to appraise your property.

It's important to choose an offer which will come close to what the home is really worth.  If the buyer tries to act smart by offering more than what the home is worth, then you'll both run into appraisal problems later.  Your agent, through experience and market knowledge, should price and accept offers which come close to what the home is really worth and going to sell for.

Obtaining this information is easy for a real estate agent (Realtor).  Realtors have access to real estate information not yet available to the general public and it's usually the same information an appraiser will see.  An appraisal will view three comparable sold homes near your home, one active, and one pending (in escrow). 

The most important objective is getting an offer in and having your agent submit the offer to the bank(s) for approval.  It doesn't really matter if that buyer decides not the buy your property later, you want to get the offer in and the process started. 

Later if the buyer decides not to buy your home for whatever reason, you have an approval from the bank and you'll know their bottom line as to what is the lowest offer they will take.  That's golden information which your real estate agent can use to relist your home as a short sale approved home.  At that point, finding another buyer will be quick and the home will most likely be sold in 45 days or less.

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