Sifting through the facts...
Purchasing a new home is one of the most exciting experiences an individual or family can have. If you’ve been out of the real estate market for some time, you may be unaware of some dramatic changes in the real estate market landscape.
In today’s market, there are some unique situations which home buyers should be aware of as they prepare to consider the purchase of a new home.
GOOD NEW FIRST…
The good news is that home buyers in the Grand Rapids, Michigan area will find that they have a bountiful number of choices for a new home purchase. Inventory levels of homes for sale are at historic levels. In addition, mortgage rates continue to remain low. Homebuyers can still get a lot of bang for their buck!
steps to the home purchasing process. Be prepared to wait while the bank (s) reviews the home owners paperwork to determine if they will qualify the potential Home Seller and home in question for a Short Sale. You can also anticipate that a Broker Price Opinion aka Appraisal may be ordered to determine if the bank wants to entertain your offer as one reflective of the current market conditions.
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20 Comments on The ABC's of Buying and Selling Short Sales in West Michigan...
Lola, what a great tutorial on the basics of doing short sales especially for your area where they are so prevalent. Clear, concise explanation with both the pros and cons.
Lola, I agree with Gary, this is a great post about short sales and what a buyer should expect. Short sales do require a lot of patience and they do require working with a professional. We have a lot of short sales in our area as well. It's becoming such a norm these days (unfortunately).
Great blog Lola.
So often buyers aren't educated about what buying a short sale is all about. It is not like a traditional sale and it is more difficult to buy.
Great summary. Short sales can indeed turn into one of the longest real estate transactions - ever! BTW, really nice new picture in your profile!
Great post.
I had an agent yesterday with a client that wants to put an offer in on one of my short sale listing. They wanted it quick. I had to explain to the agent that their buyer may not want to go the short sale route since the timing is all up to the bank.
It is important to educate all parties that are involved in a short sale of the process.
Lola, good information for a novice buyer who wants to pursue a short sale. Education is key what looking at a short sale.
Great post, and, with short sales, ALWAYS set expectations in the beginning, as you seem to have done.
Also to any clients out there, MAKE SURE YOU WORK WITH A PROFESSIONAL....you don't want to be one of the "first" short sale clients for anyone.....doing so WILL often result in a 6 to 12 month long short sale.
Patience is crucial when buying a short sale. If you know you need to be in a house quickly, then short sales are not the way to go. Working with an experienced agent is a must.
A very thorough tutorial that is going to educate any first time buyer to your area. Buying a short sale is not going to be a traditional sale and understanding some of the process as a first time buyer is very important.
If I was a brand new buyer I would really appreciate a blog like this that gives me a heads up on what the short sale purchase process is going to look like.
Love the abc's and 1,2 3's....not many know the ins and outs of short sales and only look at it like a 'deal' and don't realize. Good educational material for the first time short sale buyer/seller.
Thank you for your comments and feedback. I find that most people are overwhelmed by what the process of a Short Sale requires. Every bit of information to shed light on the issue and take away the fear of the unknown makes a big difference. Feel free to share any tips that you have also found useful for working with clients going through the process in your areas of the country if you're an agent.
Lola,
Very well written and informative. Where is the reblog button when I need it? You tutorial would be good information for short sale sellers and buyers in Fremont, Ca. and many other places.
Lola - Indeed, a well written blog on what a short sale is - so many have NO CLUE! It seems a week doesn't go by without my having to explain the entire process a couple of times at least!
Lola - This is a great "short" tutorial on the realities of buying a short sale.
Nicely said! Always important to set expectations. There's a lot to understand in regards to short sales and this post is very comprehensive! Great job!
Loa, very succinct. Buyers need to be educated with well -researched and laid information like this when considering a short sale.
The time factor. If they could reduce the time by 75% more people would see a short sale as a viable option to purchase.
Great article Lola! Patients is defiantly a virtue in the short sale market. I also believe that the right agent is going to make a tremendous difference in the process. Thank you for the blog!
These are great tips for buyers considerng a short sale as well as for agents. Many people do not know how the short sale process works.
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