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short sale: Ten Pitfalls of buying a short sale home - Part 2 of 2 - 11/22/10 07:28 AM
6. The sixth pitfall of buying a short sale home?The price is often artificially low.Let me tell you a story. To prepare to sell bank owned homes, I began doing a lot of broker price opinions for banks. (We have now done over 1300 broker price opinions, or BPOs) A while ago we were pricing a home that was listed for sale. We were puzzled by the price on the listing. It was a full $100,000 BELOW market value. The file was brought to me by my team for review. I researched carefully. It was listed as a short sale, but (6 comments)
short sale: Ten Pitfalls of buying a short sale home - Part 1 of 2 - 11/22/10 07:01 AM
- Part 1 of 2I am working with a lot of buyers right now. Some of the best bargains on the market are short sales. Can they be a good deal? YES!Might there be complications and pitfalls? YES!I am often asked the following question: “I notice this is the best priced house on our list, but it is a short sale. What exactly does that mean?”I am always happy to show and sell a short sale house, but there are some pitfalls that you need to be aware of.1. The first pitfall of buying a short sale home?The seller is getting (2 comments)
short sale: What is a Short Sale? - 11/17/10 09:44 AM
What is a Short Sale?There are three things that must be present for a house to be considered a short sale.It cannot be one or two of the three. It must be all three. So, what is a short sale?1. What is a short sale? Qualification #1.More is owed on the mortgage than the property is worth.This requirement is where the name “short sale” comes from. We all know the title does not refer to how much time it takes to close. It refers to the fact that at the closing, the money brought in by the buyer is “short.” It (2 comments)
short sale: The Multiple Offer of a Newer Home in Rose Hill Kirkland - I got scorched - 04/25/10 12:02 PM
The Multiple Offer of a Newer Home in Rose Hill Kirkland - I got scorched Hurry! Hurry! Hurry! I was sitting at my computer when the auto reminder came. http://www.philipleng.com/search/area-rose-hill.html It was 4:13pm on Thursday. The property looked promising for my "oh so picky" buyer. Built later than 1995? - Check! Updated kitchen with granite countertops? - Check! Good back yard? - Check! Not too close to any powerlines? - Check! No road noise? Not too close to any major streets? - Check! Good value? - Check! This was right in the area I work the most, so I knew that (0 comments)
short sale: Short Sale Home in Bothell Washington - 02/24/10 05:47 PM
Great price with family room off the kitchen, large livingroom, four very spacious bedrooms with a lot of windows and bright main bathroom with skylight, also with one in the center of the upstairs hallway. Excellent value, located in a nice neighborhood. To see it..... Is to buy it!!! Hurry up this deal may go fast!!
4 bedroom and 2.5 bath with very large living room, also family room off the kitchen and (1 comments)
Phil Leng Team Residential Real Estate Experts & Bank Owned Property Experts
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.