Looking to purchase a short sale?

A short sale happens when the homeowner's lender has agreed to get a reduced sum to release a mortgage. If you have questions regarding real estate in Danville, California, contact us here or e-mail us.

Purchasing a short sale in Danville, California on your own is risky. Contact Coldwell Banker for expert advice.

Are short sales bargains?

Every now and then a good deal will come along. Often times people hear the phrase "short sale" and instinctively think of a seller that is in financial trouble and must sell their house promptly to avoid further financial problems. This is sometimes the case and can be an opportunity for a buyer to take advantage of another's misfortune. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have declined. In these cases the discounted price may in fact be closer to true market values instead of below.

Are you ready to buy a short sale property?

  • Always do your research before making any offers. Using a knowledgeable real estate agent from Coldwell Banker to help you research a property can help you make informed decisions. We can help find out to whom the property is titled, how much is owed to the lender, and whether or not a foreclosure notice has been filed. Finding this info can help you make a decision about how much to offer.
  • Get a real estate agent with short sale experience. The real estate agents at Coldwell Banker can aid you in expediting the transaction and make certain you're protected. Don't permit inexperience to hold up the closing process. Let our experience and knowledge work for you.

  • Even with an experienced real estate agent and under the best circumstances, buying a short sale property will usually take longer than a typical real estate transaction. Be informed that many short sales will not close in less than 30 days. Remember that you're not only getting approval from the seller, but the lender must also agree to the terms of the sale. It's not uncommon that your offer will be seen by a committee for approval, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are usually non-negotiable when working with a short sale. The lender is selling the property as seen which means the lender isn't going to pay for repairs. Be sure to reserve the right to perform inspections for pests, HVAC, electrical, and other critical areas. At Coldwell Banker, when we write an offer, we are looking out for your interests first and will always recommend that you make your offer contingent upon the results of the inspections.
When it's time to buy, whether it be a short sale or a typical home sale, Coldwell Banker can help. Utilize our experience and knowledge of real estate to be confident you're getting a fair deal and are protected during the full matter.