8 Things About Buying A Short Sale Property In Chandler Arizona
In buying a Chandler short sale, besides the buyer and seller you have one other party the contract acceptance is contingent on: the bank. It is offen that the seller(s) have two banks involved if there is a first and a second mortgage. You may also have bankruptcy courts and lawyers, but we will leave those for another post.
- The first step to buying a Chandler Short Sale usually is to negotiate with the seller. When an agreement has been made and the contract and addendum's have been signed, the seller's agent/negotiator will submit the offer along with the sellers Short Sale Package to the seller(s) lender(s). A Short Sale package contains important financial info such as W2, Pay Stubs, Bank Statements and Hardship information.
- The Seller(s) Lender(s) will next schedule an Independent agent to go out and complete a BPO (Broker Price Opinion). A BPO will give the bank an idea of the current market value and condition of the property.
- Patience, Patience and more Patience. It is a must! Now is the time you sit back and wait for a response from the Seller(s) Lender(s). Your agent should be giving you a weekly update.
- The bank can counter the offer you have with the seller(s). In some cases it could be price or terms. Remember although you and the seller have came to an agreement in most cases the offer will be contingent upon the banks approval.
- If a Trustee Sale is scheduled while your offer is being negotiated, in many cases the listing agent/ Negotiator will be able to request that the Trustee Foreclosure sale be postponed.
- The Listing Agent / Negotiator is a very important piece to getting a Short Sale offer negotiated in a timely manner. The Listing Agent/Negotiator should be contacting the bank often for updates. We try to call or email daily.
- After the Negotiations are done, all parties are in agreement and the seller(s) lender has given a written approval of the terms. This is when you would begin the normal buying process, Home inspections, appraisals and other due diligence's. In some cases, terms may be negotiated differently so ask your agent for details.
- In some cases there can be stressful emotions on both sides of the transaction. Remember Patience wins out and a win win outcome is obtainable but it takes time. The reward can be worth the wait.
Over the last few years we have been able to learn a lot about the Short Sale Process and how the banks negotiate. One of the main lessons we have learned is that every bank is different and within every bank every negotiator is different. The process changes from bank to bank and the requirements change often. So there is some uncertainty as to how fast the process will move.
If you are in need of a Short Sale consultation, Darby and I have taken many hours of training and work hand in hand with local Attorneys and Accountants so that the seller can get the proper advise as to the pitfalls of a Short Sale. Give us a call if you need any help.
Thomas Davis Group Realty is a full service Real Estate Brokerage. Our Goal as a Company is to have customer service that is not just the best, but extraordinary! We follow on simple rule: Always give our customers more than what they expected.
If you are interested in purchasing a Chandler Short Sale you can Search the MLS for Short Sale Properties by using some of our websites. Search Chandler Short Sales, Search Gilbert Short Sales, Search Tempe Short Sales & Search Scottsdale Short Sales.
Thomas Davis Group Realty
IMPORTANT NOTICE:THOMAS DAVIS GROUP REALTY IS NOT ASSOCIATED WITH THE GOVERNMENT, AND OUR COMPLIMENTARY SHORT-SALE NEGOTIATION, IF NEEDED, IS NOT APPROVED BY THE GOVERNMENT OR YOUR LENDER. EVEN IF YOU ACCEPT THIS OFFER AND USE OUR COMPLIMENTARY SERVICE, YOUR LENDER MAY NOT AGREE TO CHNAGE YOUR LOAN. IF YOU STOP MAKING PAYMENTS ON YOUR MORTGAGE, YOU COULD LOSE YOUR HOME AND DAMAGE YOUR CREDIT RATING.