LA short sales can be very good deals, but you need to be aware of a few things before you purchase the home, including just because you place an offer on the home, it doesn’t mean it will be accepted.

What to Know Before You Buy a LA Short Sale

Research

It is essential to research the LA home before you purchase the property.  You should check public records to see what’s been filed on the property, such as a foreclosure proceeding, who holds the title, and if the homeowner has more than one mortgage on the property.  Homes with two mortgages mean two lenders to satisfy, and you will want to place your offer accordingly.

Real Estate Agent

With short sales, you should always work with an agent that is experienced in short sales.   An LA short sale is not a typical home sale, and the agent should have expertise knowledge in the buying transaction of an LA short sale.  This will ensure your interests are protected.

Prepare Your Offer

Short sales can be very good deals, and it is important to keep your wits about you.  Check comparable sales in the area.  A short sale that is a good deal will likely have multiple offers on the home, and it is essential that you prepare you bid and offer your best bid.

Be rational.  Your agent will be your backbone here, directing and advising you through the short sale process.  Check the public information available on the property and be sure that you have an LA real estate agent that is experienced in short sales.