Are you looking to buy your first home and it happens to be a short sale? CARE works with the banks to get the best price so that you can purchase at a fair market value.
What is the advantage of buying a short sale?
- Purchase below market value & have instant equity!
What should you be aware of when buying a short sale home?
- CARE will work to get additional closing credits paid at closing!
- When submitting an offer the banks will either accept or counter the offer.
- Buying "AS-IS" - if property has major repairs, submit an estimate of repairs.
Docs needed to make an offer on a short sale
- If your offer is below market value and we are disputing value? You will need to provide comps, estimate of repairs and sometimes an appraisal. The seller can opt to NOT sign the agreement of sale, but you will have first right of refusal. this will be submitted to the banks, but not signed by the seller until banks state they need this done.
- Agreement of Sale with a closing date mentioned or 60 days after bank approval.
- PreQual Letter & GFE letter from lender and Proof of Funds for down payment.
- Agreement of Sale Addendum - states buyer is paying 3rd party negotiator
- 3rd Party Negotiation Fee - our contract needs to be signed when submitting an offer. See CARE fee under forms & contracts.
- Write up an agreement of sale along with a POF (proof of funds).
Short Sale Process
- If you are purchasing in LLC name, we will need supporting documenation of the LLC.
- There are 3 phases to a short sale - a detailed explanation is on the CARE contract.
- If banks counter / request cash contribution - you have first right of refusal.
- If you decline a counter offer, all backup offers will then be presented.