Looking to make a deal on a short sale?


	When a homeowner is upside down on their mortgage payments, they can sometimes get the lender to agree to a short sale, whereby the lender agrees to release the mortgage for a sum less than what's due.

Purchasing a short sale in Bakersfield, California on your own is risky. Contact Knight Team at Keller Williams Realty for expert advice.

Are they good deals?

Sometimes. Many people hear the term "short sale" and automatically think of a seller that is insolvent and must sell their property quickly to prevent further financial problems. This is occasionally the case and can be an opportunity for a buyer to take advantage of another's misfortune. More commonly, a lender may consider a short sale even if the seller is current with their mortgage, but property values have depreciated. In these cases the reduced price may in fact be in line with true market values rather than below.

Are you ready to buy a short sale property?

Always do your research before making any offers. Using an experienced real estate professional from Knight Team at Keller Williams Realty to support your research of a property can help you make informed decisions. We can help find out to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Getting this data can help you make a decision about how much to offer.
Hire a real estate professional with short sale experience. The real estate agents at Knight Team at Keller Williams Realty can assist you in expediting the transaction and make certain you're protected. Don't permit inexperience to delay the closing process. Let our experience and knowledge work for you.
Even with an experienced real estate agent and under the best of situations, buying a short sale property will usually take longer than a typical real estate transaction. Be aware that many short sales will not close in less than 30 days. Remember that you're not only having to get approval from the seller, but the lender must also agree to the discounted price. Commonly, your offer will go before a committee for approval which will add time - sometimes even 2 to 3 months.
Home protection warranties, buyer credits and allowances, and closing cost concessions are normally non-negotiable when buying a short sale. The lender is selling the property as seen which means the lender won't be paying for repairs. Be sure you reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Knight Team at Keller Williams Realty, when we write an offer, we are looking out for your interests above all else and will always advise you to make your offer contingent upon the outcome of the inspections.

When you are ready to buy, whether it's a short sale or a typical home sale, Knight Team at Keller Williams Realty can help you. Utilize our experience and knowledge of real estate to be certain that you are getting a fair deal and protect yourself during the whole matter.