It is very important to remember that the homeowner of the property is the Seller and not the lien holder. They hold title to the property and they determine what type of offer they will accept. The lien holder and the loan servicer are not the owners of the Anaheim Hills real estate. If a Lis Pendens has been recorded on the property and the foreclosure process has begun, the entity or individual on county records is still the owner.
Although the Seller is the owner of the short sale, if the borrower/owner owes more than market value he/she must obtain third party (lien holder) approval to complete the sale.
The lien holder will determine the sale price, buyer contributions and terms of sale.
It is important that when preparing and submitting an offer to the lien holder that the offer be on the current Residential Purchase Agreement (RPA-CA) and the Short Sale Addendum (SSA) is included, along with other forms designed to protect your best interest.
If the purchase of the Anaheim Hills, CA short sale will be financed, also include a lender pre-approval letter, credit profile and proof of funds. Providing the supporting documents helps assure the lender that the buyer will obtain financing for the real estate. Also, it is in the buyers best interest to secure financing prior to submitting an offer as that will protect you earnest money deposit (good-faith money) as well as allow you to secure the best loan program, without being rushed. Also, if your offer is accepted it is probable that the short sale lien holder will require that the transaction close within a few weeks or days after a formal offer acceptance has been issued.
The financing aspect of the transaction is critical in completing the transaction. Choose a direct lender that is knowledgeable in securing financing for short sales.
Be prepared to deposit your earnest deposit to the escrow company agreed upon the moment the lien holders approve the short sale. It is best to make the deposit using a cashier’s check, as that will speed up the escrow process. Also, obtain an escrow receipt acknowledging your deposit.
It may also be to your benefit to include an emotional story that details your desire to be the owner of the short sale. This will help differentiate your offer should there be multiple buyers competing.
In addition, request that your real estate consultant submit your offer with documents supporting your offer price; market statistics, comparative market analysis and a synopsis of current local market conditions.
Anaheim Hills short sales offer a great alternative to traditional sales and have the possibility of creating a win-win for both Buyer and Seller.
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Schedule a real estate consultation today! You deserve it!
Luis Gallardo Anaheim Hills REALTOR
TARBELL, REALTORS
(714) 702-0713 – Phone
Luis@LuisGallardo.net - Email
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