Special offer

Many people tell us they are looking to buy a short sale or a bank-owned property - but what they are really looking for is a good value

By
Real Estate Agent with Smart Referral Network, LLC

Often priced under the current market value, short sales and bank-owned homes may be a great buy - depending on the condition of the home.  There are pros and cons to both.  We are hearing about and witnessing serious damage to plumbing and electrical systems and/or cabinets, sinks, appliances, etc. being removed.

While priced “higher” than bank-owned or short sales, owner occupied homes where there is some equity could be the better value in the end.  The advantage with these homes is they are more likely to have been maintained and you are generally dealing directly with the seller, not a remote employee of a bank or banks.

But, if you have the time and the patience (as it can take several days to even a couple of months to get a response from the bank on a short-sale listing), short sale or bank-owned properties may be just what you are looking for.

If you, or someone you know, is looking to purchase a bank-owned or short sale home for an investment property, a first home, or looking to upsize or downsize in the Phoenix area, we would be happy to sit down and review available listings with you, types of current financing available, as well as some issues to watch for when buying “as-is” properties!  Some things to be aware of before starting your search is:

  • You will need a Loan Status Report (LSR) and/or proof of funds before making an offer
  • You may have to turn the utilities on in your name to do any inspections
  • Depending on the type of financing you are using, the condition of some homes (appliances missing, drained pools, etc.) may preclude some financing options

In the end, we are asking you to consider all homes on the market for sale, as there are many homes not owned by banks or in a short sale situation that are as good of a value.

Yvette Gardner
Keller Williams Realty, Spartanburg, SC - Spartanburg, SC

Welcome to the Active Rain community. You have chosen a great site with tons of information you can learn from.  Have fun with it and hope to see more of your blogs soon!

Aug 31, 2008 11:58 PM
Kirk Westervelt
Van West Realty - Greenville, SC Realtor -Short Sale Expert! - Greenville, SC
Kirk Westervelt, Broker In Charge, Van West Realty - CDPE - Short Sale Agent - Home for Sale - Greenville, Simpsonvil...

Hi, welcome to Active Rain! I hope to see more of your blogs in the future. Learn from others, share your knowledge and experiences and enjoy yourself! Take care! ---Kirk.

Sep 01, 2008 01:53 AM
The Trumm Team Omaha Homes for Sale, Real Estate
Keller Williams Greater Omaha - Omaha, NE

Welcome to ActiveRain!

If you would like a few tips on getting the most out of ActiveRain, please visit my blog Welcome to Active Rain.  It has a few simple steps of what to do now that you have joined.

If you ever have any questions, just let me know.

Troy Trumm

 

Sep 01, 2008 06:31 AM
Nance Burdette
Keller Williams Realty Partners - Spartanburg, SC

Congratulations on signing on as a new member of ActiveRain. Being a new member myself going on my third week and only posting a few blogs so far I truly see the awsome advantage that this truly can be; and only the beginning of a healthy and wealthy relationship of abundant professionals. Everyone has been so very kind. Hope to see your blogs in the future.   Best of Luck to all of us,  Nance

Sep 01, 2008 11:49 AM
Jean Terry
Keller Williams Realty Spartanburg, S.C. - Spartanburg, SC

Hi and welcome to Active Rain, a great site to network, share, and learn and have fun,                   

Good Luck

Sep 01, 2008 01:21 PM
Lorena Westervelt
Van West Realty - Greenville, SC
Co-Founder/Co-Owner

Hello, welcome to Active Rain! This seems like a wonderful environment to network as well as learn from others. I hope you enjoy yourself and participate often in the Active Rain environment!

Sep 02, 2008 12:54 AM