Looking to purchase a short sale?


	When a homeowner owes more on their house than its value, they can sometimes get the lender to agree to a short sale, whereby the lender agrees to release the mortgage for an amount less than what's owed.

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

Can I get a bargain on a short sale?

The short answer is "sometimes". Many people hear the phrase "short sale" and routinely think of a seller that is in financial trouble and needing to sell their property promptly to prevent further financial problems. This is at times the case and can be an opportunity for a buyer to do well from another's misfortune. More commonly, a lender may consider a short sale even if the seller is current, but property values have fallen. In these cases the discounted price may in fact be in line with true market values instead of below.

How do I buy a short sale?

Prior to making any purchase offers, do your homework. Using an experienced real estate agent from Knight Team at Keller Williams Realty to support your research of a property can help you make knowledgeable decisions. We can help reveal to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Having this info can help you make a decision about how much to offer.
Get an agent with short sale expertise. The real estate agents at Knight Team at Keller Williams Realty can help expedite the transaction and make certain you're protected. Don't allow inexperience to hinder 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 generally take longer than a typical real estate transaction. Know that a majority of short sales will not close in the customary 30 days or less. Remember that you're not only having to get approval from the seller, but the lender must also agree to the sale terms. Commonly, your offer will go before a committee to approve which will add time - sometimes even 2 to 3 months.
Home warranties, buyer credits and allowances, and closing cost concessions are generally non-negotiable when dealing with a short sale. The lender will be selling the property just the way it is which means the lender will not be paying for repairs. Make sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Knight Team at Keller Williams Realty, when we write an offer, we will be looking out for your interests first and will always recommend that you make your offer contingent upon the inspection results.

When you are ready to buy, whether it is a short sale or a typical home sale, Knight Team at Keller Williams Realty is available for you. Utilize our experience and knowledge of real estate to make sure that you're getting a fair deal and will be protected during the whole process.