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Thesa Chambers, Principal Broker

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thesa@centraloregonbuzz.com

70 SW Century Dr #110 Bend, OR 97702

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The Short Sale and The Buyer

We have talked about Central Oregon short sales, and many of the differences for a buyer of a short sale compared to a traditional sale.  However, with all things in real estate, especially over the last couple years, things change.  I thought it might be a good time to go back over a few of the things a buyer should be aware of when it comes to buying a short sale.

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.

Bank approvals do seem to be coming a little more quickly than a year or two ago, but you will still hear grumblings of the bank taking too long and buyers walking.  When this happens it is the perfect time to slip into place as a buyer.

A short sale as we have discussed takes bank approval.  When a buyer submits an offer the seller must first accept the offer, then the listing agent and the seller will prepare the offer and the seller’s personal information to be submitted to the bank.  If a buyer withdraws their offer during this process and you the new buyer submit a new offer, you can often times cut the bank’s response time down, because the previous buyer has already done most of the waiting.

Most of the time a short sale offer can be written so that none of your time lines begin until the bank has approved your offer.  What does this mean to you, the buyer?  It means that none of the standard inspections, appraisals and so on will be started until the bank approves your offer.  Which in turn means you do not spend any money on the chance of being accepted.  Once the bank approves your offer, then your home inspection, appraisal and so on is started and then and only then do you incur the costs associated with purchasing a home.

When the bank approves your transaction, it is time to kick things into high gear.  Often times the bank approval will require a shorter closing period than you might expect.  It is important if you are purchasing your home with a loan that you have your lender in line with your needs.  You should get your loan application in, and keep your lender informed of where the process is, so that when the bank approval comes in your lender is completely ready to move forward with you.

Buying a short sale in today’s market is not nearly as scary as it was a couple of years ago.  But they are still complex, they still take patience and they most of all require that everyone be prepared to jump into action when the time is right.

 

Posted in: Buying, Seller's Info Tagged: Central Oregon, central oregon home sales, central oregon homes for sale, central oregon real estate, first time home buyer, foreclosure, La Pine, short sale, short sales in central oregon, Sunriver, sunriver homes for sale, Three Rivers South, three rivers south bank owned homes

Comments

  1. Fitchburg WI homes says

    June 18, 2010 at 9:21 am

    This post is a perfect reminder of what just happened to my buyers. We were the fifth buyers on a beautiful near-new semi-custom built contemporary. (the first four buyers walked or had other problems obtaining financing) and therefore not only were we able to extract a great price, the bank also gave in to demands by the listing agent to promise not to take more than 3 months to approve the short sale (that may not seem very fast but we are talking B of A here, my friend!). We are closing on 6/30 and if all goes well, my buyers will be one of the lucky few to still be able to collect the $6,500 tax credit for move-up buyers. Timing is everything when it comes to short sales!

    Reply
    • Thesa Chambers, Broker, ABR says

      June 18, 2010 at 9:32 am

      Thank you for your comment and I hope you can get closed to give your buyers the move-up credit. There are some great homes at great prices, short sale, bank owned and traditional sales… thanks again for the visit and the comment.

      Reply
  2. Kyle Hoak says

    August 17, 2010 at 4:54 pm

    Thesa-
    Thanks for posting this. Its a great reminder for folks that fees associated with buying a home do not start until bank approval on a short sale situation.

    Thanks for the good info.

    Sincerly,

    Kyle Hoak

    Reply
  3. Jenny Jenkins says

    November 8, 2022 at 8:27 pm

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    Reply

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About Thesa

As your real estate agent, I understand the value of providing the best possible service to every buyer and seller. Listening carefully to fully identify not only your desires but also your needs. Then work diligently to ensure that both are accommodated to the best of my ability. We will stay abreast on changing market conditions, trends, developments and research all factors that could affect the purchase or sale of your property.  My success and your happiness greatly depend upon the quality of the relationship we achieve.  Through personal redefinition of the professional standards set by most agents, I hope set myself apart from the rest and become the first person that you think of for all of your real estate needs.

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Thesa Chambers, Principal Broker West + Main Homes
thesa@centraloregonbuzz.com
(541) 771-7064
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