SHORT SALES vs BANK OWNED HOMES - Which one is a Better Buy?
Scott shares some excellent information, expert advice on short sales and bank owned properties. As the leading bank owned property listing agent in New Hampshire, I truly suggest that you take the time to read, share, and bookmark this blog.
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Sincerely,
Cathy Bureau
Some of the Greatest opportunities to purchase a home these days at "The Best Prices" are either a SHORT SALE or a BANK OWNED HOME also known as a FORECLOSURE. Each has a distinct set of advnatgaes and disadvantages with themselves and over each other. Here in the Manchester NH area it is one of the most common questions from Buyers "Which one is best for me?"
As the Real Estate market continues to strengthen across the county, the amount of buyers is rising and the amount of homes on the market is declining. This means buyers have less time to ponder and need to make decisions a little quicker than they had to over the last 4 years. Being educated and prepared before looking at homes can make the workd of difference.
Some things you should know about "SHORT SALES"
1. UNDERSTANDING THE PROCESS OF THE SHORT SALE: Before you start looking at SHORT SALES you need to know that the basic premise of a short sale is. When a home owner owes more than what the home is worth in todays market, they ask the sellers bank to approve a sale of the home at the current market price.2. UNDERSTAND THE TIMEF RAMES INVOLVED: If you are looking to purchase a short sale you need to be prepared to wait 3 to 6 months. If you need a quick purchase, a short sale may not be for you. In the best scenarios, it will be 2-3 months on average, worst case it could take 3-6 months.
3. HIRE A BUYER BROKER. The first step is then to hire a buyer broker, you can usually do so at no cost to you, they get paid their commission from the fee advertsised in MLS by the listing agent and paid at closing. This way you will have someone assisting you through each step of the buying process. making sure your agent is WELL Expereinced in short sales is a must. Here in NH we can certainly assit you.
PLEASE SEE MY BLOG WITH THE TOP 10 TIPS FOR BUYING A SHORT SALE
SHORT SALE ADVANATGES VS. DISADVANATGES
ADVANTAGES
DISADVANTAGES
Larger Inventory Available
Not Guaranteed to be Approved
Homes in better condition
May take a lot of time
Can negotiate personal belongings to stay
Seller may not have money to fix anything
Less competition from other buyers
Seller may not maintain the home
Can get a Better price
Seller may not move out upon getting approval
Can be in better condition
Seller may take things that were in your contract
Can be easier to negotiate with
House could have liens that need taking care of
TOP 3 ITEMS YOU NEED TO KNOW IF BUYING A BANK OWNED HOME
1. GET PRE-QUAILIFIED: Before even looking at a home you should get pre-approved for a loan. No bank will look at your offer without it. Meet with a local and trusted mortgage broker, they can prequailify you at no cost.
2. WHO IS REPRESENTING YOU? : You should know that the listing agent represents the seller. there are some advantages working directly with a listing agent if you feel comfortable with buying. If not you may want to hire a buyer broker who is WELL EXPERIENCED in bank owned home sales. In inexpereinced agent can hurt more than help.
3. MAKING AN OFFER THE HOUSE: Before making an offer, you should assess what the house is worth in todays market and deduct for any repairs needed. Do not base your offer on a percentage off an asking price. You dont know if the bank priced the house higher than market value, already at market value or priced it way below market value.
PLEASE SEE MY BLOG WITH A FULL LIST OF TIPS FOR BUYING A BANK OWNED HOME
BANK OWNED HOMES/FORECLOSURES ADVANATGES VS. DISADVANATGES
ADVANTAGES
DISADVANTAGES
Home is usually vacant
Home sold as is
Home can be closed on quicker than a short sale
Home will need to meet your mortgage criteria
Deed is usually clear of liens May have many offers on it
Can get a Better deal May need work
Can easily access to see and inspect
May not be maintained
May be able to complete some work before closing if needed for your mortgage.
May take time for signatures
Can be Very Low Priced
May get delayed if you do not stay on time of things
If you are looking to buy or sell a home in New Hampshire, please call us first. We strive to provide the best in personal and professional service through each step of the buying and selling process.
We offer * FREE * BUYER REPRESENTANTION - ask us how we can help you buy a home here in New Hampshire. (*please contact us for details and conditions*)
As a Leading Listing Agent here in New Hampshire, Whether you are the seller, the buyer or another agent it is my goal to be the most helpful agent i can be.
Treating Buyers and Other Agents with respect (Like i would want to be treated) is the only way to lead ones life and business. It keeps buyers and agents coming back as well as gets my listings sold quickly and at the best price obtainable.
We stand by you through every step in selling your home.
It does not take magic to turn your "For Sale" sign into a "Sold" sign. it takes a full time Local Agent who specializes in Listing homes like yours.
If you live in NH, call me first. I use a professional negotiator that works on the sellers behalf when negiotiating with the bank at no cost to you. Most often the home owner can complete a short sale at no cost to them.
As a Leading Listing Agent here in New Hampshire, I strive to offer my clients the best in personal and Professional service. Whether you are the seller, the buyer or another agent it is my goal to be the most helpful agent i can be. Treating Buyers and Other Agents with respect (Like i would want to be treated) is the only way to lead ones life and business. It keeps buyers and agents coming back as well as gets my listings sold quickly and at the best price obtainable.
PLEASE SEE SOME OF MY MOST POPULAR BLOGS
If you are Looking for a Real Estate Agent you have come to the right place. Scott Godzyk is a Full Time and Local agent ready to serve all of your Real Estate needs through each step of the buying or selling process. We are proud to be locally owned and operated.
If you owe more than your house is worth, If you are behind in your payments, I may be able to help. Call me to find out how you may be able to sell your home at no additional cost to you.
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