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SOURCE: Red Blue Realty
Red Blue Realty discusses short sales in Los Angeles and offers tips for both buyers and sellers.
Los Angeles (PRWEB) January 24, 2013
At Red Blue Realty, their experience with short sales in Los Angeles has shown substantial benefits for both sellers and buyers. Benefits for sellers engaging in short sales include debt relief as well as the ability to avoid foreclosure and extensive negative credit. Benefits for buyers: rapid sales on properties that offer great deals.
A short sale refers to the fact that financially distressed homeowners can sell their propertiesat an amount less than what is owed on the mortgage for that property. While the mortgage lender has to agree to such a sale, it’s an attractive proposition for lender and seller in terms of avoiding foreclosure, and the time and expense that foreclosure requires.
Naturally, sellers wish to avoid both the pain and credit marks of a foreclosure. The ability to walk away from a mortgage in arrears or underwater provides the opportunity for a fresh start. The bargains that buyers can obtain through a short sale will be substantial, and should any fixer-upper work need to be accomplished on the property, the costs will be outweighed by the lower purchase price.
Of course, Red Blue Realty knows that to proceed with a short sale the first step is getting the home lender to agree to one. For a lender to consider a short sale, homeowners must be substantially behind in payments or have a notice of default issued. Also, the seller must not be in bankruptcy proceedings.
Red Blue Realty’s experts assist buyers and sellers participating in a short sale situation so that the sale becomes a win-win for all parties. Along with the bargain pricing, buyers receive benefits from rapid closing times and seller cooperation. Sellers have the incentive of a tax break on income tax returns.
Navigating the waters of a short sale leads to many benefits for all the participants in such a transaction, but the speed and complexity of the sales process requires support of a real estate pro for smooth sailing through short sales in Los Angeles.
Successful short sales require:
-identification of short sale properties, even if not yet listed
-viewing and assessing property conditions
-researching the value of a property
-discovering any potential liens or mortgages
-offering financing options
-contacting the lender
Completing advance leg-work in these areas is important as closing can come quickly. Sometimes closings for this type of sale need to be completed within as little as twenty days. Short sales in Los Angeles require a purchase and sale contract indicating the ability to buy a property at a specified price. Lenders may reject an initial offer, requiring renegotiation to complete the sale. Naturally, the seller, lender, and buyer have to be in full agreement for this type of sale. If more than one lender is involved with the property, completion of the process may take longer, but in all cases, handling short sales in a timely fashion is necessary for the sale to succeed.
And ultimately, successful short sales in Los Angeles offer seller relief, and purchasing bargains.
Phone Number: 1-(855) 66-RBREALTY or 1-(855) 667-2732
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