November 18th, 2009 admin 
With the high rise in foreclosures these days, even those who do not invest in real estate are starting to hear the term “real estate short sale” or “mortgage short sale.” A simple definition of a short sale of real estate is an investor or buyer making a deal with the primary mortgage holder to accept less than the amount due on a mortgage; rather than the lender taking over the property through the foreclosure process and then ultimately loosing money on the property by selling it at a foreclosure auction.
Maybe you are near to having your home foreclosed and you want to do something about it. A short sale may just be what you are looking for. This happens when a person sells his property for less than what the amount is, in terms of the remaining loan balance. If you would like this to take place, of course the lender must say yes to the said short sale.
In many parts of the country, home prices doubled during the period from 2000 to 2005. During this same time, creative financing programs (e.g. zero down payment, adjustable rate loans, interest only loans, option ARMs loans, negative amortization loans, etc.) gained popularity and helped some people buy homes who would not normally qualify based on their income, debt level and credit history.
Most real estate markets are now cooling, and some are even experiencing declining prices. In times of dropping real estate prices, the amount owed on a loan by some homeowners may actually exceed the value of a property. If homeowners cannot make their monthly mortgage payment, there is a potential for default on the loan and foreclosure of the property by the lender.
Has anyone had any luck purchasing a short sale in the san gabriel valley?
Has anyone had any luck purchasing a short sale in the San Gabriel Valley.
If so please share your experience..
How long did it take?
Whats steps did you take ?
Do you recommend an agent that specializes in short sales?
Thanks
First time buyer with time to make offers on Short Sales!
It takes an average of 2.5 months. You make a low offer and have that offer sent to the bank to be negotiated. With the right knowledge, you can pre-screen your agent. The link below shows how you can you buy short sales cheap.
I think we can all agree, the real estate market is in a real state of flux right now. The volatility that the housing sector is experiencing need not be cause for too much concern, that is to say if you are a savvy real estate professional, or real estate investor. No, quite the contrary, the real estate market is ripe with great opportunity if one knows how to exploit the great potential for profit that exists in real estate today.