Short sale is something that a lot of people are doing whenever their property is about to be foreclosed, and you need to know a lot of things about it if you want to be successful with it. There are a lot of people who are having problems whenever they get into short sales simply because they are not aware of the things that they can expect from it. It would be better if you are going to get the help of a real estate agent or a realtor, because this will increase your chances of being successful with it.
Buyers' Dilemma
All of us would want to purchase something that is below the real price of a property. However, there are some buyers who are in a hurry, and short sales will take about 6 months to complete. If a buyer is in a hurry to have the property transferred to their name, then they won't have any other choice but to go for a more expensive property. This is the reason why there are only a few people who are showing interest with short sale properties.
Real Estate Agents' Interests
A real estate agent gets a commission for every successful sale. They are getting anywhere from 6% up to 10% of the total price. However, if you are going to do a short sale, the real estate agent will be receiving less commission for it. Since they are going to do the same task, or probably even more, since it is a short sale, they feel that they should receive the same amount for the sale. There are agents who would prefer not to show the list of short sales at all, and would simply focus on promoting ordinary properties.
Sellers' Fees
If you are going to enter a short sale, you will be asked to settle a fee in order to cover the deficiency of the lender. Some of them would ask thousands of dollars that is payable for the next few years. Since sellers who are entering short sales are already in huge financial difficulty, why would you even dare to pay more fees? This is the reason why there are sellers who prefer not to continue with the sale, and simply allow their property to be foreclosed.
Lenders' Appraisal
A lender should approve the short sale before you can even continue with it. The problem with some lenders is that they are trying to verify it by sending an appraiser to the property and estimate its value. If the lender found out that the property is being sold for a price that is lower than the value of the property, some of them would not approve the sale, and will simply wait for it to be foreclosed.
Get all the information that you need to know about Newport Beach CA real estate by checking our website now. We will not only provide you with all the properties that are perfect for your needs and your budget, but also help you get all the information that you need to know about the real estate Newport Beach CA.
Buyers' Dilemma
All of us would want to purchase something that is below the real price of a property. However, there are some buyers who are in a hurry, and short sales will take about 6 months to complete. If a buyer is in a hurry to have the property transferred to their name, then they won't have any other choice but to go for a more expensive property. This is the reason why there are only a few people who are showing interest with short sale properties.
Real Estate Agents' Interests
A real estate agent gets a commission for every successful sale. They are getting anywhere from 6% up to 10% of the total price. However, if you are going to do a short sale, the real estate agent will be receiving less commission for it. Since they are going to do the same task, or probably even more, since it is a short sale, they feel that they should receive the same amount for the sale. There are agents who would prefer not to show the list of short sales at all, and would simply focus on promoting ordinary properties.
Sellers' Fees
If you are going to enter a short sale, you will be asked to settle a fee in order to cover the deficiency of the lender. Some of them would ask thousands of dollars that is payable for the next few years. Since sellers who are entering short sales are already in huge financial difficulty, why would you even dare to pay more fees? This is the reason why there are sellers who prefer not to continue with the sale, and simply allow their property to be foreclosed.
Lenders' Appraisal
A lender should approve the short sale before you can even continue with it. The problem with some lenders is that they are trying to verify it by sending an appraiser to the property and estimate its value. If the lender found out that the property is being sold for a price that is lower than the value of the property, some of them would not approve the sale, and will simply wait for it to be foreclosed.
Get all the information that you need to know about Newport Beach CA real estate by checking our website now. We will not only provide you with all the properties that are perfect for your needs and your budget, but also help you get all the information that you need to know about the real estate Newport Beach CA.
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