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Short Sales from a Buyers Perspective, The Good, The Bad and the Ugly

Short Sales from a Buyers Perspective, The Good, The Bad and the Ugly

From a buyer’s perspective a short sale can definitely be a buying opportunity, but it should be approached with due diligence.

From a buyer’s perspective, a short sale is a good thing because it means there are some homes for sale that meet my home requirements.

From a buyer’s perspective, a short sale can be a bad thing because it may never close, or at least it may never close under the terms of the offer accepted by the seller.

From a buyer’s perspective, a short sale can be ugly:

· When the bank’s settlement letter comes back and the bank needs more cash, then it’s ugly.

· When the bank has deficiency language in the settlement letter, then it’s ugly.

· When the 1^st lien holder offers an insufficient sum to the 2^nd, then it’s ugly.

· When the bank won’t pay the $15,000 in past due HOA fees, then it’s ugly.

· When the buyer’s FHA lender requires repairs to close, then it’s ugly.

· When the investor guidelines wont’ allow a short sale at the contracted price, then it’s ugly.

· When the appraisal and BPO come in high, then it’s ugly.

· When there’s hidden MI (Mortgage Insurance), then it’s ugly.

In California, the SSA Short Sale Addendum clearly states that there is no assurance of lender approval and goes on to say that the bank “(ii) may require Seller to forward any other offers received; and (iii) may give consent to other offers.

Advice for short sale buyers:

· Expect the unexpected when you are a short sale buyer.

· Be committed to the home or it’s not worth the wait.

· Know your limitations and set your expectations.

· If there’s a 2^nd lien holder, acknowledge that homes with two loans are more challenging to close than homes with one loan.

So what’s a buyer to do? First, work with a seasoned veteran real estate agent who is trained and experienced in buyer representation. Remember: in a short sale situation there are no guarantees this home purchase will ever happen. There are warning signs for short sale pitfalls.

Buying Your Next Home is a Very Big Deal! Get Help Early!

It may matter more who personally represents your interests when buying a home than which home you may attempt to purchase. If you try to buy the right home through the wrong agent, you may not get the home you want or you may have an unsatisfactory home buying experience. We are seasoned professionals and have invested the time and money to acquire the practical skills that many agents never aspire to.

Furthermore, to save your time, minimize your stress, provide maximum security and help assure you get the best home for your money; We will perform the following services for you, the home buyer:

Provide a complete explanation of the home buying process
Provide thorough knowledge of the current and emerging real estate market conditions.
Assist you in SELECTING THE BEST HOME for you, for your money.
Write your purchase agreement to correctly and clearly express your intentions and represent your interests.
Submit your purchase agreement in a manner that will present you in the most favorable position.
Review all counter offers in detail and provide NEGOTIATION REPRESENTATION of your interests.
Provide assistance in obtaining the best possible financing of your next home.
Coordinate the closing of your purchase with other Realtors, lenders, inspectors, appraisers, escrow officers and and title insurance company.
Provide on-going personal communication to keep you informed of the step-by-step progress of the purchase of your home.
Provide post-sale follow-up to assure your satisfaction.

You can't get these personal services from us unless we are the agents you select to represent your interests in the purchase of your home. When you're ready to act, contact us and we'd be happy to help you.

We look forward to working with you.

Thanks for stopping by!

The Nagy Team

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Steve Nagy
CA License #01863790
Cell (925) 407-7853
E-Mail Steve Now

Vickie Nagy
CA License #01363932
Cell (925) 407-7987
E-Mail Vickie Now

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Work with seasoned professionals, The Nagy Team, that have helped other first-time homebuyers find the home they want and need. We will work diligently with you to find your first home, or your second, or your third.

“We were extremely high maintenance home buyers--so much so that we had to actually shop for an agent that could tolerate our many demands coupled with our limited budget. Vickie Nagy not only met our demands, but surpassed our expectations and reminded us that there are actually people out there that care for real and are not just interested in the sale. I guarantee you, if Vickie Nagy was able to find us a home that we loved within our limited financial budget, she is the best agent for anyone looking for a home, and of this, I am absolutely certain!” - - - Rick and Heydy, first time buyers

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Short Sales from a Buyers Perspective, The Good, The Bad and the Ugly

Buying Your Next Home is a Very Big Deal! Get Help Early!

Search All Homes for Sale

Thinking About Buying Your First Home?