What To Know Before Buying A Short Sale Property

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Neil Hunt
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Irina & Jeff Shoket have been our repeat Realtors now for many years, through all our various house purchases & sales in Ventura Co. We have sung their praises each & every time. However this last sale was exceptional as far as their mental/physical efforts went in getting us old folks organized & moved out! To say I recommend them is a gross understatement! Not only do they reveal a talent for anticipating & solving possible problems & weeding them out, but also in their actual physical efforts they go way beyond the norm in getting homes presentable & the move out smoothly accomplished. Cannot thank you enough Irina & Jeff. I gratefully repeat-you are both really incredible. Neil Hunt & Agneta Ekebrand.
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Denise Morris
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We have done numerous transactions with Shoket Properties. Each time our expectations have been met resulting in seamless transactions! Their communication is on point which is key when going thru the stress of a real estate transaction. Highly recommend Jeff and Irina Shoket!
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Enih Phillips
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We were incredibly pleased with the service we received from Shoket Properties, Jeff, and Irina when selling our condo in Westlake Village. We cannot speak highly enough of their exceptional service and expertise throughout the process. We recommend Shoket Properties for anyone trying to buy or sell their home.
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Mimi Hersh
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Choosing Irina and Jeff as my realtors was one of the best decisions I ever made. They were both supportive, caring and knowledgeable, in helping me sell my home and purchase another. Buying and selling at the same time is a stressful process, and they did everything they could to make things proceed smoothly and alleviate my stress. Irina and Jeff were both very efficient in dealing with the paperwork and meeting all the deadlines in a timely manner so that it was smooth sailing for both transactions. I couldn't have asked for a more dedicated duo and highly recommend them to anyone Buying or Selling.
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Richard Rome
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I had the pleasure of working with Jeff and Irina Shoket when they helped sell my partner's home in Calabasas. From the initial consultation to the final closing, Jeff and Irina displayed a level of professionalism and expertise that left us thoroughly impressed. Their dedication to ensuring a seamless and successful home sale was truly exceptional. Throughout the entire process, Jeff and Irina were highly responsive to our needs and concerns. They took the time to understand our unique situation and provided tailored solutions to meet our goals. Their guidance on preparing the property for listing, from staging to minor renovations, was invaluable in maximizing the home's appeal and market value. What stood out most was their marketing strategy. Jeff and Irina's creative approach set our listing apart from others. They leveraged cutting-edge digital marketing techniques, highlighting the property's best features through high-quality photos and videos, and effectively promoted it on various platforms. The result was a significant increase in the number of interested buyers. Jeff and Irina's negotiation skills were also commendable. They expertly navigated through offers and counteroffers, ensuring that we achieved the best possible sale price. Their professionalism and knowledge of the local real estate market were evident during this critical phase of the transaction. In addition to their professionalism, what truly sets Jeff and Irina apart is their personal touch. They maintained clear communication throughout the process, keeping us well-informed at all times. It felt like we were their top priority, and they were genuinely invested in our success. Selling a home can be a stressful and complex endeavor, but Jeff and Irina Shoket made the experience remarkably smooth and successful. Their dedication, industry knowledge, and personalized approach left a lasting impression on us. I wholeheartedly recommend Jeff and Irina to anyone looking for top-tier real estate professionals in the Calabasas area.
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Mukund Halthore
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My wife and I have been working with Irina and Jeff for over 15 years. They have helped us to rent initially and Buy our home. Irina very patiently showed many wonderful properties to our liking, in the areas we preferred and within our budget. Helped us through the process from start to finish. I have recommended them to my friends and family and everyone is extremely happy with their services. I will be using them if I need to buy or sell!
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Dear Irina and Jeff! We extend our heartfelt gratitude for your exceptional help during our real estate ventures in Thousand Oaks over the past several years. Selling our property there was far from straightforward. However, it was your expert guidance that not only ensured a successful sale but also transformed what seemed like adversity into triumph. Your extensive knowledge and unwavering dedication were truly remarkable. Your commitment to our success didn’t waver, regardless of the obstacles that arose. Having known you both for nearly nine years and having engaged your services for more than one real estate transactions, we can confidently say that you’ve consistently exceeded our expectations. We are delighted to provide this review to support your online presence. For anyone in Thousand Oaks seeking real estate services, your expertise and personalized approach are a cut above the rest. Ira and Jeff, we are eager to endorse your services and contribute to your growing online community. Wishing you continued success and an abundance of satisfied clients in the future.
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I met Irina and Jeff many years ago and they helped me sell a couple properties as well as assisted in leasing my properties. What I have always liked about them is their quick responsiveness, professionalism, and their ability to complete a transaction in a timely manner. I will continue to use them for all my future real estate transactions. Thank you Irina and Jeff! … you both are awesome!!
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Joel Freedenberg
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Over the past decade +, I have worked with Shoket Properties (Irina & Jeff) on 6 separate transactions as both a buyer and seller. Every experience has been outstanding. Irina and Jeff work as a husband / wife team. Working with Irina and Jeff is a rare opportunity to truly get two highly experienced and very capable real estate professionals for the price of one (if anyone else makes this claim, ask what role each plays to determine if they are both engaged. Ask if one or both have another full-time job. In this case, they are both 100% dedicated to the client). Irina is most often the agent who will show you properties or show your property. Jeff is most often the one who is doing the footwork behind the scenes (although both are very good at either set of responsibilities). When we were selling properties, Jeff spent hours thoughtfully taking professional photos/processing and creating compelling listings and email marketing. When we were sellers, we were beyond happy with the results. As a seller, they always worked hard to find us the best deal. They were not pushy about accepting offers that didn’t make sense. In fact, we were always impressed at their confidence in selling the property. When they are the listing agent, they are very hard workers. They will get a property listed quickly and run open houses over and over again to drive traffic. They are very good at selling homes. As a buyer, we were always impressed with their patience. This is not the kind of real estate group that tries to push you into making a purchase simply to close a transaction. Irina and Jeff are big picture professionals who want their clients to be happy for the long term. They take the time to really understand the wants and needs of the buyer and work hard to find a match. Another area that sets them apart from most real estate agents is that they have a broker’s license. This means that they are more knowledgeable than most real estate agents. This is a huge advantage to you as a client. Whether buying or selling, we also have found them to be outstanding strategists. I never want to pay too much or sell for too little. Irina & Jeff are adept at figuring out the best approach to negotiating offers. Finally, Irina and Jeff are great people. They are incredibly honest and operate with ethics beyond reproach. I couldn’t be more satisfied from my experiences with Shoket Properties and I highly recommend.
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Attention to detail. Great patience and valuable professional insight. Sincerely dedicated to helping you find the property you are looking for. Second time we go with this team and will do it a third time if and when that point arrives.

Buying a short sale property can be a great opportunity—but it requires expert navigation. At Shoket Properties, we help homebuyers understand the complexities of short sales, from lender approvals to extended timelines. Our experience ensures you’re prepared for every step and positioned to make a strong offer. Contact us today for a free buyer consultation at (805) 796-6482..!

Irina Shoket

Contact: (805) 796-6482
CA BRE License #01246477
info@shoketgroup.com

Jeff Shoket

Contact: (805) 551-7341
California BRE License #01899853
info@shoketgroup.com

What Every Buyer Should Know About Short Sales Before Making an Offer

Definition:

In a short sale, the seller aims to sell the property for less than the amount owed to the bank. The bank, facing a loss, must approve the offer. We first negotiate directly with the seller. After reaching an agreement, we submit the offer to the bank for approval. This approval process can take time.

The bank typically requires 2-5 months to approve an offer. Meanwhile, we can explore other properties. We avoid placing a deposit or opening escrow on a short sale until the bank approves. If we find another home, we can pursue it and abandon the short sale. Our commitment begins only after bank approval and escrow deposit.

Short Sale Pitfalls:

  1. Sellers must prove a financial hardship to qualify for a short sale. Without a completed hardship package and bank confirmation, a short sale may not proceed. New listings often lack this step.
  2. Banks typically delay property valuation until receiving an offer. Many agents list short sales below market value to attract quick offers. The listed price rarely reflects the bank’s acceptable price, which is often higher.
  3. No guarantee exists that the bank will accept our offer.
  4. The seller and bank may continue marketing the property and accept better offers. If a higher offer emerges, they might allow us to match it or simply choose the better offer.
  5. Multiple loans on a property complicate matters. Each lender, unpaid in full, must approve our offer. If any lender rejects it, the deal cannot proceed.
  6. Most sellers in short sales stop making payments, risking a Notice of Default. The property could face foreclosure or auction, even after our offer or bank approval. Inspection and appraisal costs may not be recoverable if the property is sold at auction.
  7. After bank approval and escrow opening, note two key points:
    1. Banks often refuse to cover expenses like Home Protection Plans, termite repairs, or HOA transfer fees, as they’re already losing money.
    2. Banks rarely agree to pay buyer closing costs, making such negotiations challenging.
    3. If you cancel escrow within contract terms, recovering your deposit may be difficult if the seller is unavailable to sign release forms. Thus, we recommend a deposit no larger than $1,000. Be prepared to lose this deposit in worst-case scenarios.

Good News from Your Thousand Oaks Realtors – Short Sale Approvals:

Often, buyers move on to other properties before a bank approves a short sale. If this happens, the home may become an Approved Short Sale, with the bank’s approved price known. Offering at this price can shorten approval time to 2-4 weeks. Other short sale risks remain, but the wait is significantly reduced.

This overview highlights the complexities of short sales. You can secure a great home at a good price, but additional risks apply. Approach the process with full awareness.


The following pages will simplify your home buying journey:


Conejo Valley Realtors serving: Serving Ventura & LA Counties: Agoura Hills, Calabasas, Camarillo, Lake Sherwood, Malibu, Moorpark, Newbury Park, Oak Park, Ojai, Oxnard, Santa Rosa, Simi Valley, Somis, Thousand Oaks, Westlake Village, Woodland Hills, Wood Ranch, + Ventura

In Thousand Oaks and throughout West Los Angeles and Ventura Counties, we’ve guided buyers through successful short sale purchases with patience and precision. Let Irina and Jeff Shoket help you uncover the hidden potential in short sales while avoiding costly delays or missed opportunities.Contact us today for a free buyer consultation at (805) 796-6482..!