|
What is a Short Sale?
A short sale in real estate occurs when the selling price of the home is NOT high enough to cover the mortgage and closing costs. The homeowner is still in possession of the property. The mortgage company must accept the buyer's offer and agree to the short sale. If the mortgage company agrees to the short sale, the seller is relieved of all financial obligation to them. When I'm the listing agent, I make that happen!
If you are behind on your mortgage payment and in danger of the bank forcing you into foreclosure -
click here
What is a foreclosured property?
A foreclosured property is a bank owned property. It is a property where mortgage payments were not made on time, foreclosure papers were filed, the house went to a sheriff's sale, and the bank now owns the property.
What is the potential gain from purchasing a Short Sale home?
Short sale homes are often a great financial bargain. Because of the seller's pressing need to find a buyer and sell, the list price is often well below market value. Because the homeowner is still in possession of the property, you can complete all the normal inspections and be fully aware of the condition of the home, prior to going to contract. This is extremely important, since there will be no concessions for repairs. Short Sale properties are purchased as it.
What are the potential pitfalls associated with the short sale purchase of a home?
There are many mitigating factors, and many people involved in the transaction. Poor performance, or a negative attitude by anyone involved, can terminate the transaction.
In addition, you must not be in a hurry to purchase. The mortgage company is the controlling entity. They usually takes many months to decide if they will accept an offer to purchase. They may say no, and you will have wasted a great deal of time and money in the interum.
What are the potential pitfalls associated with purchasing a foreclosed or bank owned property?
There is a potential for loosing money in the transaction. Short sale and foreclosure properties are purchased as is. You must invest in a home inspection prior to the bank accepting your offer to purchase.. If the bank rejects your offer, you will loose your investment.
You must also hire and attorney and go to contract. His fee must be paid, even if your offer is rejected.
Homeowners of foreclosed properties are often bitter and irrational. Many do substantial damage to the home prior to leaving. The cost of repair could be equal or greater than any possible saving accrued in the purchase.
Is this a good time to buy a home?
This is a fabulous time to purchase a home. Interest rates are extremely low. They cannnot stay at this level much longer. Home prices have dropped dramatically. They are better than they have been in many years.
I would like to purchase a short sale home. How do I begin?
Review the list of homes found in the short sale and foreclosure links below. The information found there, is current at all times. Call me, or a realtor you feel is extremely competent in this area, to visit these homes. Your best friend my not be your best choice.
Short sale purchases are much more complicated and involved than an nomal purchase. When purchasing a short sale home, it is important to work with a realtor who is competant, reliable, and experienced in short sales transactions. The seller's bank will be paying your realtor's fee for service; so there is no reason to attempt this alone.
You will also need a realtor to gain access to all the short sale and foreclosure properties listed in the realtor's Multiple Listing Service. Unlike normal listings, there is no easy access to this information. It is readily available to a realtor. As a realtor, and short sale specialist, I can provide this information to you with little fanfare.
Most of all, you will need the consulting and negotiating skills of an experienced, knowledgeable, short sale specialist. Having the right agent will increase the possibility of you getting the right home, for the right price; and equally important, lessen the chance of spending time and money pursuing the wrong home.
Call today to schedule a FREE, NO Obligation Consultation
Short Sale Specialist: (845) 226-6087 Home Office (845) 656-0521 Cell #
|