How to buy a short sale home at a bargain price! Irvine Real Estate – Irvine Homes for Sale

by Robert Mack on December 21, 2010

in Buyers, Latest News

The big question is ‘where do I start?’ when it comes to finding a deal on a short sale home.

I will skip over the steps of determining where you want to live, how much you can afford or finance, and what type or size of a home you want. Those are subjects in and of themselves that apply to any time you are buying a home.

The FIRST thing you need to do when looking for a deal on a short sale is find a GREAT real estate agent or broker! Nothing will kill your ability to get a deal on a home as fast as an agent that doesn’t know how to work with and negotiate against a lender. Short sales are convoluted processes and you absolutely need a guide to even get one done, let alone get it at a bargain price.

Next you need to target homes that are not massively overpriced. Even if a home is a short sale, if the borrower truly maxed out the value on it at the peak of the market, it will be hard to get the bank to take an at or below market offer. Banks are for the most part out of touch with reality and are only willing to take certain losses on a short sale, even if it means eventually foreclosing on a home, and then selling it for less than the short sale amount. No that doesn’t make sense to me either, but banks are like that.

via stockmarketsreview.com for the complete article

Great article and very informative! I couldn’t have said it better myself! The FIRST thing you need to do when looking for a deal on a short sale is find a GREAT real estate agent or broker! This statement is so true, so if you are looking in Irvine or the surrounding areas for a short sale, contact us to get the process started the RIGHT way!

Posted on Irvine Orange County Real Estate Market News

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