The news was inundated with the success of the real estate market in 2013, leaving many economic analysts wondering if the Santa Monica short sales market will continue to increase. While there are still hundreds of Santa Monica short sales on the market, the number of short sales has decreased somewhat. This leaves many buyers wondering if they should take quick action to get into Santa Monica short sales before the market has thinned. Here is some advice for buying Santa Monica short sales that will protect buyers from making a choice they would regret.
First, don’t rush into a purchase. Even though Santa Monica short sales do take a long time to process you have to be sure that you, as a buyer, are ready to close as soon as the lender gives you the offer acceptance. In some cases, that can be as soon as 20 days after the lender accepts the offer. So, before you start making offers on Santa Monica short sales, get your funding in order. Not only will it allow you to buy the home when it is available, but it will also convince the bank that you are a serious buyer.
Second, don’t forgo research. Sure, the Santa Monica short sales market can at times be competitive, but that should never mean that you skip the research phase of the short sale process. Take time to get the inspection, to discuss with your Realtor the potential to resell the property, and to consider whether the offer is right for you.
Finally, you have probably heard that with Santa Monica short sales you should always trust your gut. If you feel like you should pass on the short sale, don’t be afraid to do so because you are worried you’ll miss the only good offer you’ll get. There will be other short sales soon enough, and you want your purchase to be a positive one.