Hello everyone Toni Patillo here with Toni Patillo and Associates answering your questions in our blog today. If your current real estate situation has you frustrated or confused we want to give you the information to make the best of your situation. Please browse my website or contact our team today to learn about possible solutions to your Southern California real estate problems.
Today we are discussing certain aspects of buying a short sale property and what kind of questions to ask the pre qualifying listing agent. When purchasing a short sale property it is very important to learn what you can not only about the listing agent but also about the home itself. From the agents perspective you will want to find out how many short sales they have closed and also what their success rate is. When dealing with a short sale you may be racing against the clock so it is important to know how qualified the listing agent is. More importantly focusing on the house you will want to know the financial background that is in place. This means you need to know how many loans or liens are out against the home. These liens could be tax or home association related and the more there are the more people who will need to agree to the sale. You will also want to have up to date information on the mortgages against this property. Finding out how many mortgage payments have been missed will give you a good indication of how close the property is to a sheriff sale date. If a client is going to foreclosure in a week you will want to know what they plan to do to make sure you do not lose this house to their lender.
Buying a short sale property can be a great opportunity to find an affordable house in a market that is slowly correcting itself. But these purchases are not always crystal clear which may require some work to be done on your behalf. Let Toni Patillo and Associates help you prepare for the purchase on your next home by educating you on the Southern California housing market. Thank you again for your time today and I will look forward to helping you in the future with your real estate needs.