If you are an investor looking for a deal that gives you instant equity, or a home buyer just looking for a good deal, buying a short sale may be your answer.
The risks that go along with foreclosing on a property have mortgage companies looking for ways to avoid foreclosure and reduce the losses incurred when a loan goes
Why Buy a Short Sale?
A short sale allows the mortgage holder to limit losses on a delinquent loan and take the loan off their books. The discount a lender is usually
willing to approve means the buyer get's — a very good deal.
Let the Lender's Loss Be Your Gain
Terry Yapp & Associates specialize in working with Buyers and Sellers to put mutually beneficial short sales transactions together. We get short sale
properties sold for Sellers, we help Buyers find the right short sale and we get short sale files approved by mortgage lenders.
Experience and Expertise
Every step in the short sale process requires experience and expertise if the desired result is to be achieved. When it comes to working with
a Buyer to find the right short sale property our expertise is critical in determining the viability of the short sale file — will the file be approved?
Buy the Right Short Sale
Because not every short sale is a good deal, and not all short sale files get lender approval (in fact, many short sale files are declined), we can
save you time, trouble and a great deal of money, by guiding you through the process.
FAQ’s for Buyers of Short Sales
Are you looking to buy a new home? Are you thinking that now's a great time to find bargains? That's true, but it pays to know a little about the
seller's situation before you make an offer.
If a home is being sold for below what the current seller owes on the property — and the seller does not have other funds to make up the difference at
closing — the sale is considered a short sale. Many more homeowners are finding themselves in this situation due to a number of factors: including job losses,
aggressive borrowing against their home in the days of easy credit, and declining home values in a slower real estate market.
1. How do I get my offer accepted?
Quick close of escrow
Be pre-approved with 2 lenders
Do not ask for repair items
No seller concessions
Large deposit money
Offer “fair market value”
2. What Short Sale Experience does Terry Yapp & Associates Have?
As a team, we have more than 60 years of experience in negotiating and have successfully closed 90 short sale transactions and 2,100 escrows. In
2010, the team had a 100% success rate on short sale approvals.
3. What is your process for offers received?
Once an offer is received, we present the offer to the seller for their review. The seller will either accept the terms
or provide the buyer with a counter-offer.
Once seller has signed the contract, we submit the offer and other documents to the lender.
Other offers received will be in “back-up” position.
The lender orders the appraisal and reviews the documents.
The lender provides written approval of the short sale.
Seller will counter buyer if necessary to meet the terms approved by the lender.
Buyer accepts counter offer. If rejected, seller will counter “back-up” offer #1.