Palm Springs Short Sales

Call Jim Franklin or Fritz Frauchiger to handle your short sale issues Direct line: 760 485 0858

 

Jim Franklin or Fritz A. Frauchiger

Prudential California Realty

CA Lic#011376682 CA lic # 01448596

760 323 5000

email: jim@franklinps.com

For options to making your mortgage payments affordable visit www.makinghomeaffordable.gov

What is a Short sale?

A short sale is when the seller/owner owes more to the lender(s) than the property is worth. The seller can either hang on to the property and wait for the market to go back up or they can try to find a buyer, negotiate with the lender and sell the property. The lender is then “shorted” the amount they loaned on the property, however, in many cases it is better for the lender to accept the loss on a short sale as opposed to having to foreclose on the property.

How can I buy a short sale property in Palm Springs?

The first step is to find a property that you are interested in buying. Just because the seller has a good price on a particular property doesn’t mean that it is a short sale. Once you have found the property and it is a short sale then have your Realtor write an offer. Keep in mind that if it is a good deal there will probably be others making offers on the property. As part of the offer you need to include a “Short Sale Addendum” making sure that you check the box stating that you will not put up a deposit until the lender has approved the sale. After this has been submitted you will have to wait for 2 to 6 weeks before you get a response from the lender. In the mean time don’t spend any money on things such as inspections as you will have time for that later. See this page for the important questions to ask the listing agent before writing an offer on a short sale property.

What are the downfalls to buying a short sale property in Palm Springs?

First you may not be the successful bidder on the property. The lender will want the seller to keep trying to get offers hoping to bid the price up. Second, the seller may remove appliances and other items that you thought came with the property. Once they are gone you may not be able to get them back. Third, you probably won’t get any extras such as a home warranty or some closing costs paid.

How do I find short sale properties in Palm Springs?

For a list of short sale properties in Palm Springs or any other city in the valley click here and I will send you the list.

How can I sell my property as a short sale in Palm Springs?

You need to find an agent that has experience in short sales. The key to getting the property sold is to price it right and follow up with the lender. I have dealt with a number of agents when I was representing the buyer and it is very frustrating when the seller’s agent doesn’t stay on top of the lender. If you have a property that you would like to sell please contact me here or call 760 485 0858. I will go over the details with you and we can discuss your options.

Do I have to be in default to short sell my property?

No, you can still do a short sale, with lender approval, even if your payments are current.