Short Sales, Short Sales, Short Sales…
March 26th, 2008 Categories: Uncategorized
Poor little short sale home. Nobody wants a short sale. Hopefully That changes because along with bank-owned properties that is all that is out there. The builders still have yet to drop their prices and are way above what a short sale and bank-owned property would sell for (buyers beware).
So why the hesitance for a short sale home? Mostly because in the past they have been known to take a long time to get approved or non-approved. Folks.. things are getting better for short sales. Agents and lenders alike have polished their skills and are now getting agreement letters in under a week. Lenders are now realizing that if they choose to foreclose, they will lose much more money in the end.
Now, there are some banks that do not do short sales for one reason or another (ocwen). Owners with a loan out with ocwen are facing foreclosure unfortunately. But most do, and have teams and divisions to specifically deal with the short sales.
So buyers, do not be afraid of a short sale home on the market. Have your agent screen the listing agent to see if they have their short sale “ducks in a row”, some do and some agents don’t. There are some great deals out there. And the best part… with the AAR short sale addendum, the buyer is not committed to the purchase until that agreement letter from the bank comes in.
So what are you waiting for?
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