| |
Some Short Sale Buyers Are Missing The Boat...so to speak :)

Lately, we've come across some short sale buyers that have miss-conceptions about this specific type of real estate transaction that differs from a traditional property purchase and would like to share these...
-
Short Sales are not Fire sales....the banks have a bottom line.
Sometimes buyers have miss-conceptions that they can bid very,very low and ask for even more ( i.e. seller concessions) on a listing that is already priced less than what is owed on the note. This is not so.
-
Lenders wait around a long time for the best short sale offer to come in before they'll decide which one to choose.
Not so nowadays. It has been our experience recently that the time frame for some of these transactions is decreasing and if one reasonable offer comes in, they accept it and proceed to close.
.....one client insisted they had plenty of time to wait to write an offer ....just an hour later that very home was under contract with an excellent offer with hard to beat terms :0
- As a Buyer of a short sale you can wait to do your inspections until after the lender has approved the short sale...
THERE IS RISK involved with writing offers subject to lenders approval of a short sale.
Spending money up front on inspections or appraisals without even knowing if the short sale will be approved is part of the gamble.
Short sale properties are many times SOLD AS IS. The inspection is more of an FYI for the buyer, rather than a negotiating tool to get more $$ from the lender.
We recommend our buyers bring an inspector or contractor to the 2nd showing and do their due diligence up front... to check out the property thoroughly BEFORE WRITING an offer on a short sale or REO (foreclosed property), that way they have an idea of what they are getting into.
-
The bank will be ready to close on the date the buyer puts in the contract.
IF YOU are a buyer with ANY type of time constraint for housing - maybe a short sale is NOT FOR YOU.
There could be delays in closing a short sale. That's why when we list short sales we take back up offers, in case the 1st buyer walks, there is a back up ready to move forward.
If you are a buyer looking to purchase a short sale or foreclosed property, using a REALTOR with a designation & experience in this specific type of Real Estate Transaction is vital to getting deals done!
Thanks for stopping by and reading our Blog about Life in NW Indiana, The Housing Market, Communities, Local Sports, Events, attractions & more.
Sincerely,
Jeff & Grace Safrin, Broker / Owners
F.C.Tucker 1st Team Real Estate
13 Lincolnway Suite # 203
Valparaiso, IN 46383
Office # 219-309-9930
serving Lake, Porter, La Porte, Jasper, Newton & Starke Counties in NW Indiana
Independently Owned & Operated
Visit our various Social Media Sites:



This post has been included in
Indiana Real Estate News
Post is included in group:
Short Sale REALTORS®
Post is included in group:
Posts to Localism
Post is included in group:
Porter County Indiana
Post is included in group:
Indiana Real Estate Professionals
Post is included in group:
House Values
|
7 Comments
on Some Short Sale Buyers Are Missing The Boat...so to speak :)
This blog does not allow anonymous comments
|
|
|
|
Jeff & Grace Safrin, Broker / Owners, SFR, CRS, Northwest Indiana
Valparaiso,
IN
More about me
F.C.Tucker 1st Team Real Estate
Address: 13 Lincolnway, Suite # 203, Valparaiso, IN, 46383
Office Phone: (219) 309-9930
Cell Phone: (219) 405-1232
Email Me
Northwest Indiana Real Estate - Lake, Porter, La Porte, Counties in NW Indiana. A Team Approach To Real Estate. We Are Internet Savvy! We provide you Valuable services and representation in Buying or Selling Real Estate and Relocation services : Competitive Market Analysis of Price, Marketing Plan that sells our Listings, Access to the largest buyer pool via Northwest Indiana Multiple Listing Service, Negotiation of Contracts. Coordination of the many aspects of Closing the Transaction: financing, inspections, insurance, appraisals, surveys, title work, deed, escrow, possession.
<>F.C.Tucker 1st Team Team Real Estate serving NW Indiana <>
<!-- Site Meter -->

<!-- Copyright (c)2009 Site Meter -->
Listings
$1,193,000
6 br, 5½ ba, 8,790 sqft
For Qualified Discerning Buyers.Custom Contemporary Style Architect Designed ...
$117,000
3 br, 1 ba, 1,164 sqft
Seller will Pay $1500. towards buyers closing costs or pre-paids allowable by...
$179,999
3 br, 2 ba, 1,632 sqft
Come Home to The Country! Newer Brick Front Ranch Home w/Full Unfinished Base...
$134,900
4 br, 2 ba, 1,660 sqft
REDUCED + Seller will pay $3000 of buyers closing costs or pre-paids allowabl...
$89,999
3 br, 1¼ ba, 1,836 sqft
Spacious 1836 Sq.Ft. Cape Cod Style Home in Hessville, IN 46323. 3 Bedrooms, ...
$89,800
3 br, 1 ba, 1,048 sqft
Seller will pay up to $1,500. towards Buyers closing costs with an accepted o...
$259,900
4 br, 3 ba, 2,336 sqft
Peaceful+Private Country Setting.Winding Driveway thru woods to Beautiful Hom...
$214,000
3 br, 2 ba, 1,719 sqft
Welcome to Meridian Woods,an Age Restricted Retirement Community in which Res...
$389,000
3 br, 3 ba, 3,878 sqft
Prairie at Aberdeen*Serene Nature Setting*2005 Custom Built Craftsman Style H...
$369,000
4 br, 4 ba, 4,726 sqft
Old World Charm+Modern Day Amenities->Magnificent Custom Ranch Home-Valpar...
$115,500
3 br, 1 ba, 2,408 sqft
Perched on 46x100 corner lot w/Mature trees in front+backyard,Remodeled Cape ...
$364,000
4 br, 4½ ba, 4,113 sqft
Welcome to Shorewood Forest-Year Round Recreational Community,Valparaiso's Un...
$339,999
5 br, 3 ba, 2,912 sqft
LAKEFRONT Ranch Home w/Walkout Lower Level in Shorewood Forest Valparaiso, IN...
$142,500
3 br, 1¾ ba, 1,483 sqft
Lexington Green Neighborhood in Valparaiso,IN (Center Township). Perched on a...
$49,999
3 br, 1 ba, 900 sqft
New Price Reduced 10K plus Lender has already approved this short sale! Cozy ...
$249,000
3 br, 2 ba, 1,990 sqft
Welcome Home! Desirable Ranch Home-Eagle Ridge-Valparaiso's Liberty Township*...
Links
Archives
|
Thanks for the great updated info on the short sale situation. Unfortunately we have a lot of buyers playing the short sale game here in St. George UT.