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Short Sales
and Foreclosures
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Opportunites
Short sales, foreclosures and REO's (bank owned) home sales typically have a buyer purchasing a home for less than it's true value. The purchase process can be a problematic, drawn out affair. Many lenders are so busy that they take months to respond to offers. This varies from one lender to another. But, you can realize considerable savings. Don't be misled by the listed price as many of these sales attract multiple offers that can run the price up over the asking price as much as 25%. You must be pre-approved for the funds before you can make an offer.
We can search the MLS specifically for short sales and send you these listings but, many homes today are priced to compete with short sales. So, don't look exclusively at short sales. There are many bargains out there.
Request a list of Short Sales
Fill out this form and check off the Short Sales request Search the MLS Home Listings
About Short Sales and The Problems
There is a lot of interest in short sales but, they can be problematic and many buyers have been very disappointed by their efforts to purchase a short sale. Many home listings that are labeled "short sale" are not lender approved short sales. In this case the seller has yet to apply for an approval from the lender. At the same time, there are approved short sales that are being mis-handled by the listing agent or are delayed for months by the lender. So, before we will make an appointment to show a short sale we interview the listing agent in order to qualify the short sale.
Here are a few questions we ask any short sale listing agent.
- Do you have any offers?
- Have you submitted any offers to the lender(s)?
- How many offers will you be submitting to the lender(s)? If it's more than one, the interview is over and I'm moving on to the next property.
- Have you prequalified the seller and do they have a hardship?
- Have you reviewed their financials and do they have an income shortfall?
- Have you verified the parties on the Title and Deed?
- What stage of foreclosure is the property in?
- How many lenders are involved?
The answers to these questions will determine whether or not we'll look at the property. Some of the answers will give us an idea of how long the process will take and depending on how long our buyer is willing to wait, whether or not we'll look at the property.
The answers will also be a very good indicator of whether or not the listing agent knows what he/she is doing. We are willing to help a listing agent along, if certain criteria are met, but if the agent has not done their homework, they've just flunked our interview and we're moving on.
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