It goes without saying that if you want to purchase a short sale or an REO or bank owned property, it pays to find a Realtor who understands the process. It is quite different from buying or selling a home in the traditional manner. Here are a few pointers:
- Find an agent who knows what they are doing in this arena.
- Be prepared to wait - a short sale commonly takes many months
- Go in with your eyes open - the bank may keep you waiting and then take a different offer 3 months in
- Consult with your agent - if a listing agent knows what they are doing, a short sale or foreclosure property is ALREADY PRICED TO SELL. If you go in with a low ball, this is fine, again just go in with your eyes open knowing that there is a high probability that you will loose it.
- A short sale is priced aggressively - however not so aggressively that the bank will not accept the offer
- Know that many contracts lock in a buyer to a minimum of 90 days awaiting bank approval
See short sales available in Asheville NC here
Help if you are facing foreclosure
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