Search for Short Sales in Los Angeles
A Short Sale is a property being sold by a property owner who is "under water." This means that they owe the bank more than their house is worth. They will be attempting to convince the bank to take less than is owed. Short Sales benefit the seller because they will be avoiding a foreclosure. A Short Sale affects ones credit score less severely than a Foreclosure would. The benefit to buyers of Short Sales is that they can buy properties slightly below market value. However, there are several drawbacks to buying a Short Sale.
- It can take a long time to get the bank's approval (2-12 months)
- The seller will rarely agree to any repairs.
- After months of waiting, the bank may not agree to the Short Sale.