5 Tips for Long Beach Short Sale Buyers

Wrigley real estate

If you are considering buying a short sale home in Long Beach, Lakewood or surrounding communities, here are 5 tips to help you successfully close the sale:

1. Short sales require lots of patience. If you have a tight timetable for moving, you may want to skip short sales. Make sure your agent knows who the lienholders are and what their typical turnaround time is so you can evaluate whether this is a transaction that will meet your time requirements.

2. Get yourself educated! Ask your Realtor to explain how the process works and what you can expect.

3. Understand you are dealing with uncertainty. Short sale purchases are never a sure thing. The current lienholder – the seller’s bank – may require the seller to bring in money they don’t have or aren’t willing to contribute to the sale – or they may counter on price or other terms.

4. Get a firm grasp of the property’s market value by reviewing comparable sales with your agent. Some listing agents price short sale homes well below value to generate multiple offers, but that doesn’t mean the bank will take something that low. One of the first things the bank will do is to order an appraisal or BPO (Broker Price Opinion) to determine the property value and make sure they are minimizing the loss.

5. Submit your offer with a pre-approval, proof of funds and FICO scores. The strength of your financial qualifications will help convince the seller and their bank that yours is a strong offer.

If you’re interested in finding out more about the short sale process – as a buyer or seller – please contact The Shannon Jones Team today at [email protected] We have tremendous success in closing short sales in Long Beach and surrounding communities and would love to help you.

About the Author

Shannon Jones has been selling real estate since 1998 and specializes in listing and marketing homes. She has consistently been one of the top Realtors in the Long Beach area. Prior to her award-winning career in real estate with the Shannon jones Team, Shannon has had successful careers in journalism and public relations. She holds a bachelors degree from UC Irvine and a masters degree from UC Berkeley. Shannon holds E-Pro, CDPE (Certified Distressed Property Expert), and PSC (Pre-Foreclosure Specialist) certifications. Shannon is very personable and maintains a very strong moral compass, always putting the best interest of home buyers/sellers above monetary goals. A California native, Shannon enjoys gardening, travel, reading, cooking and poker when she’s not selling homes MY DESIGNATIONS Lic# 01247705 | CDPE (Certified Distressed Property Expert) | E-Pro | PSC (Pre-Foreclosure Specialist) MY SERVICE AREAS Anaheim Bellflower Buena Park Carson Cerritos Cypress Downey Fountain Valley Garden Grove Huntington Beach La Palma Lakewood Long Beach Los Alamitos Los Angeles County Norwalk Orange County Rossmoor San Pedro Seal Beach Signal Hill South Bay Westminster

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