Ever since the collapse of the real estate market buyers and sellers alike have had multiple questions about short sales. The Bend real estate market has seen and continues to see it’s fair share of short sales. The good news to both buyers and sellers is that Short Sales are getting closed and they are doing so in a shorter period of time than we saw at the beginning of this environment in most cases.
Bend Oregon Short Sales
These listings are just a sample of homes currently listed as short sales in the $100,000 price range. At the bottom of this post you will find a link to an entire list of homes currently listed as short sales in Bend Oregon.
Searching for homes and including short sales online can be very frustrating for the Central Oregon buyer. There are some simple explanations but it does not make it any less frustrating.
Quick Over View of Short Sale Process
- The home is listed typically at the low end of fair market value. This brings a quicker offer obviously.
- A buyer makes a written offer
- The listing agent changes the status to – Contingent Short Sale – which means the seller has accepted the offer and the seller and seller’s agent is waiting on the bank to approve the written offer.
- The property still shows on websites as available – because although the seller has accepted the offer they do not know if the bank will accept the offer…. so there is always a chance that the seller will be starting over so the marketing does not stop.
- When the bank accepts the written offer – the Listing agent will change the status to pending and it will no longer show as available online.
The message in the steps above is to realize that even though these homes show active, do not be surprised if you call, drive by or ask me to show you a home, I may tell you there are other offers on it.