Campbell CA Real Estate: Should I Buy A Short Sale?
A short sale is not suitable for all buyers of Campbell CA real estate. Here are some things you need to know if you are considering buying a short sale:
- The process for a short sale can be very time consuming. Once you make an offer and it is accepted by the seller, your offer will be submitted to the seller’s bank for approval. It can take a month if you are very lucky, or up to 1 year for the bank to approve the short sale/offer.
- Keep in mind that after all the waiting, the bank may not even approve the short-sale or the seller may decide they no longer want to go through with a short sale and proceed with a loan modification instead.
- The seller’s bank will most likely not accept your offer if it is substantially below market value. In other words, the bank is probably not going to give the house away.
- The seller’s bank will most likely have a say on the terms and conditions of the purchase contract. Besides the price, the bank may dictate when you are to close escrow for the Campbell, CA real estate purchase.
- A lot of banks will ask you to sign a document testifying that you are not related to the seller and that you will not rent the home back to the seller after close of escrow.
Short sales can be very frustrating for some buyers if they are not aware of the process. As long as you know what you are getting into and are not in a hurry, then it may be worth it if you have found that perfect home!
Trang Beuschlein is a full-time Campbell, CA real estate agent, specializing in West San Jose and Campbell, CA real estate sales but also serves other areas of Santa Clara County, including Saratoga, Los Gatos, Cupertino, Sunnyvale, Palo Alto, Mountain View, Santa Clara, Milpitas and other areas of San Jose. Please contact Trang for a list of Campbell CA Homes for Sale or for a list of homes for sale in any area in Santa Clara County.
CA DRE Broker License #01453711
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