Thanks to GITA BANTWAL, for sharing her experience with everyone about the process of Short Sales. When considering a Short Sale Property, you must remember that it does not refer to any period of time, but that the bank may approve to "sell Short" of what's owed on the property.
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
When you read about events please check the year for the event as some people find information a year later and think it is for that year. . The posts remain online even after the event.
Gita Bantwal is a Realtor with RE/MAX Centre Realtors in Bucks County, a Northern suburb of Philadelphia. You can view 1000s of listings on her web site www.GitaBantwal.com
She can be reached at 215-343-8200x124 or direct 215-275-8491 or via email email@example.com
If you would like a FREE MARKET EVALUATION OF YOUR HOME IN PHILADELPHIA, BUCKS or MONTGOMERY COUNTY call me at 2152758491
Gita specializes in Active adult communities and is a Seniors Real Estate Specialist. She holds the ABR designation (Accredited Buyers Representative) and specializes in selling to first time buyers as well as move up buyers.Gita also hold the CRS designation , Certified Residential Specialist and the CDPE designation as well. Information about real estate market is deemed to be correct but is subject to errors and omissions and should be verified independently.. Opinion expressed by me or others in my post and comments is not to be construed to be legal advice.I am licensed in Pa. Check real estate laws in your state as they may be different than in Pa.