Leave a comment » Getting Yourself Prepared When Buying A Poway Home In Short SaleNow that you've found a Poway home that you like, it may be a short sale. That means that the lender has agrees to accept a discounted loan payoff from a seller in default instead of foreclosing. But short sale is never easy, and some may even take months to complete. Before taking in an offer, consider the following steps: Do your homework. Check the public records to be sure who is on title, whether a foreclosure notice has been filed, and how much is owed to the lender. That may help you turn up a reasonable offer for Poway home. Hire an agent with an experience dealing in short sale. An experienced agent working on your behalf will save time and hassles in bargaining with both the seller and the lender. If the seller accepts your offer, your agent will send it to the lender with proof that you have been preapproved for a loan and a copy of your earnest money deposit. Your agent should also include a copy of comparable recent sales in the neighborhood to verify that the price you have offered is fair. Give the lender a deadline. Make your offer contingent upon the lender's acceptance. If you do not give the lender a time frame, after which you will withdraw your offer, the lender is under no pressure to move forward. Expect commission negotiations. Since lenders lose money on a short sale, and they will be paying the agent's commission, they will likely want to negotiate the commission amount with the listing broker, who will share it with the agent. Expect delays. Many lenders do not have enough staff to handle short sales requests in a timely manner. Also, they will likely make certain demands on the seller, which may take months to be met. In all, say agents, purchasing a short sale comes with its own set of disappointments. But if you are willing to be patient and persistent, you can make a really good deal on Poway home.
For more information on Poway Homes for Sale, contact: Herndon & Herndon http://www.powayrealestateinfo.com/00B019 Posted on September 01, 2010 18:45:10
by Herndon & Herndon
Posted in Poway Real Estate
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