If you're in the market for a Short Sale property in the Big Bear area, finding the right agent to help you is going to be paramount in being successful in your endeavor.
I was out on the Big Bear Multiple Listing Tour today and all I could hear were agents complaining about short sales. Many of these agents I spoke with today feel that the quickest way to lose a client is to make an offer on short sale. Others flat out said that they won't make an offer on a short sale, regardless of what the client wants.
I completely disagree with the agents who have this mind set. There are reasons why these agents aren't getting short sales accepted. Either, they're not asking the right questions of the seller's agent, or they simply don't know what they're doing. Short Sales are not hard to negotiate as long as you know what you're doing.
Before I write an offer on Short Sale, I am asking the listing agent if the seller has contacted the bank and I want to know if the bank is willing to work with a short sale. I want to know if the seller submitted his Short Sale package to the bank. I also want to know if the listing agent has been in contact with the loss mitigation department. If the answer back from the listing agent to these questions is no, then I will be cautioning my buyer against that house. The reason for this is that so many agents list a home as a short sale with no idea as to what they are doing. Waiting for an offer to come in is not the time to see if the bank is interested in doing a short sale. Waiting for an offer to come in is not the time to see if the seller qualifies for a short sale. Waiting for the offer to arrive is not the best time to start putting the short sale package together. To be successful in selling a home as a short sale, there is work that the listing agent needs to do before he lists the property.
As the buyer, you need to be ready to act once the short sale is approved. In every short sale that I've closed so far, I am seeing that the bank wants the escrow to close as soon as possible once they approve it. Most banks want to see the escrow closed within fourteen days after they have accept the offer. What this means to the buyer is he may need to do his home inspection before the bank has approved the short sale. H may need to spend the money on the appraisal and get the loan ready for loan approval before the bank approves the deal. The worst case is that the buyer could be out of pocket a few hundred dollars if the deal doesn't go through. But if it all works out, you are most likely going to be getting a great deal on a house and the risk is worth taking.
If you're interested in buying a short sale property in Big Bear, give me a call or send me an email. I am happy to help you!
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