Buying a Bank Foreclosure vs. Short Sale - AAA Home Team - 407-928-8652
Looking for a great deal on a distressed home? Lots of great deals in the home market today, great time to buy a home. But there are a few things you should know about Buying a Bank Foreclosure vs. Short Sale:
Bank Foreclosures (REO) - the bank has already taken the home back versus a short sale. The bank looks over their numbers, considers market value, and the reported condition of the home. The list price is set so the bank can reach their bottom line. The bank will accept the listed price, or perhaps a little less, depending on how long the home has been on the market. You will get a fast answer to your offer, usually in a couple of days. Many bank foreclosures are selling very fast, and with multiple offers.
Short Sales - home-owner is upside-down in their mortgage. The owner owes more than the house is worth, so they cannot do a traditional sale. Short sales are asking the bank to “eat” that difference, or accept a short payment. Short does NOT mean the time-frame, in fact they are anything but! You will need to wait 60-90 days or longer to get a response to our offer. Another big thing to remember: the bank may not accept the full price listed. So you can wait several months for a short sale, only to have the bank come back and counter at a higher price. And your patience may not be rewarded. Very few short sales will close - only 1 in 5 short sales close nationally.
For a complete list of all Bank Foreclosures and Short Sales in your Area and Price Range, Visit: www.AAAFloridaHome.com or if you have any further questions, give us a call 407-928-8652