BUYING A FORECLOSURE or BANK OWNED
Foreclosures are properties that have been taken back by the bank due to the homeowners inability to pay the mortgage. These properties are generally sold "AS IS" and banks rarely put any money into the home for repairs. Also, banks do not have any direct knowledge of the home and do not provide disclosures as to condition or defects. Some bank owned homes need some TLC, while others are ready to move into. You're Real Estate Pro can help guide you through the process, and answer any questions you may have.
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 BUYING A SHORT SALE
Short Sales occur when the owner can no longer afford the mortgage, or possibly are unable to sell due to local market conditions where home prices have greatly fallen. Requests are made to the bank to accept less than what is owed on the mortgage balance in order for the owner to avoid foreclosure. By doing a short sale, the bank gets a portion of the money owed and isn't out completely, and the homeowner saves their credit by avoiding foreclosure.
There is an increasing number of short sales properties available in our market. You've probably heard plenty of stories about them not closing. You may have even been discouraged from considering Short Sale opportunities when searching for your new home. Here are a couple things to consider:
* Short sales DO CLOSE. It is true "Short Sales" are NOT short...they do take longer than a traditional sale. But, they DO close. It is important, however, that you have an agent who understands the process of not only listing side, but also the BUYING side. Your Buyers Agent needs to know how to structure the offer and the paperwork banks want to see up front, so you save time and avoid potential delays. You also need an agent who can talk with the listing agent and ask the right questions to help make the process as smooth and delay free as possible.
- Be cautious of agents who steer you away from Short Sales. There are some really great deals out there. Agents discourage buyers from short sales for various reasons...some have never closed one, some just aren't willing to wait for an approval, and some just aren't familiar and therefore don't want to work them. Whatever their reasons, you owe it to yourself to work with an agent who can and will fully represent YOU the Buyer.
Good news. We understand Short Sales and are more than happy to work with Buyers who are interested in them.
Short Sales may not be right for all Buyers, especially those who have time constraints or other restrictions. Be sure to discuss these concerns with your agent so they can understand your situation and help guide you through the buying process.
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If you are a SELLER facing a distress or foreclosure situation, please take action NOW and Contact me today at 614-755-9566! My resources and alternative options have helped other homeowners in your position, and may be able to help you too.
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