Traditional sale vs bank owned homes – plus your list of bank owned homes for – La Pine, Three Rivers South and Sunriver as of October 1, 2010
Today Buyers and Sellers alike are hearing these terms more and more which bring more questions than answers most of the time. There are many misunderstandings of what these terms mean and what the process is or can be. The current real estate market is one that even veterans of 40 plus years have never seen before. Let’s explore what these mean here locally and have a glimpse of what they may mean in other areas.
A short sale on the buyer’s end should be thought of as a traditional sale, you have a buyer that is wanting to purchase a home, a seller wanting to sell a home. The only difference at this stage is that the seller can not sell the home at the sales price without the bank’s approval.
Whether you are selling your home or not – take a moment to take a look at the wall that separates your home and your garage – if there are areas not covered with sheet rock, get it taken care of – check the door and make sure it is a metal door or a solid core door. These two items can save you, your family and your precious belongings.
Just because you feel you are upside down in your home does not qualify you for a short sale. I do not know how many times I have been told by a seller their home is not worth what they owe so they are going to walk away or quit making payments, then try and sell (short sale) or let the bank take the house. The sooner you talk with an agent the quicker your stress will go down. Many agents do not let these people know that there are specific guidelines to a smooth and successful short sale.
It has often been said that not all agents are equal. As a buyer or a seller you have the opportunity to work with anyone you choose to. Many times as a seller’s agent I am asked about a commission rate, and although I can be flexible and work with my seller to see what works under each circumstance.
Now that we have all been and seen this market for a little while (ok it feels like forever for some) the questions are coming from buyers and sellers alike about short sales and foreclosures. There have been guidelines written, changed and re-written, we have seen modification promises and a confusing statements that make us […]
There is a lot of information circulating about the First Time Home Buyer Tax Credit of up to $8,000 that is included in the Stimulus Bill, including using it for down payment. First of all, at the present moment in time, it cannot be used for the down payment, even though the Secretary of Housing and Urban Development, Shaun Donovan, said it would be available in a recent speech to the National Association of REALTORS®.
Buying a short sale can be a great investment, however, everything depends on the bank’s response to your offer and any other offers. One of the trends I am seeing is listing agents listing a home at a price that is so much lower than everything else on the market it can not help but bring in offers.
A couple of my buyer clients are participating in short sales. They have done their home work, they know it can be a sit and wait just to have to hurry up at the final approval (if it ever comes) approach. One Buyer in particular is buying while living half way across the country – […]