I receive calls from buyers looking for short sales and foreclosures. They want to know how they can buy distressed properties and as they see that I have the CDPE designation they call me.
I like to meet buyers at my office and explain the home buying process and also explain the pros and cons of buying a reo or short sale.
Here are some things buyers should be made aware of :
1. These days lenders are pricing the homes at close to market value so do not expect 'to steal ' the house .
2. If it is an ' as is ' sale, figure out the costs of use and occupancy permits, possible lender required repairs and other repairs before making an offer.
3. If it is a short sale, if the seller has signed it, it does not mean the sellers lender wil agree to the price and terms. Be prepared for a counter offer. You often have only 3 days to accept , counter or reject the counter offer and you may not receive this counter offer for weeks .
4. Once the offer is accepted by seller's lender, in short sale, expect to close in 30 days..
5. If it is a short sale , do not give notice to your current landlord until you know when you are closing. If you are required to give 60 days notice, you may have to be prepared to lose one months rent.
6.Different lenders have different policies so ask your agent to find out from listing agent about what the lender expects in terms of closing date. You will also receive an addendum from the seller's lender , that you have to sign .
If you live in Bucks , Montgomery counties and are looking to buy a foreclosure or short sale call Gita Bantwal at Re/Max Centre 215 3438200x124 or 2152758491