Comments on: Short Sale Vs. Bank Owned, REO or REPO

By: Thesa Chambers, Principal Broker, ABR

Thesa Chambers, Principal Broker, ABR — Fri, 13 May 2011 06:44:03 +0000

Obbieman;
first of all please know that your comment is truly appreciated. There certainly are homes in Central Oregon that this is the case, however there are other homes that this is not the case. This is why having an experienced Short Sale agent is so important, many factors should be considered. Does the short sale have any chance of closing? Will the seller be willing to take responsibility for a note back to the bank if they have a line of credit against the home? A short sale has a lot of “moving parts” and unless they are in place correctly it can be a road path to failure. However, sometimes the short sale is a good deal, and for an investor, it is the prime opportunity. Many of the bank owned properties have a clause that they have to be on the market 15 days prior to an investor purchasing, this gives owner occupants the first chance at the best of the pick. Hope to see you again – thanks again for commenting and thanks for visiting.

By: obbieman

obbieman — Fri, 13 May 2011 05:52:35 +0000

Why bother with short sales? Wait for it to become REO. REO’s are pretty simple, clear titles, straightforward, faster, and CHEAPER! Hello?

By: Thesa Chambers, Principal Broker, ABR

Thesa Chambers, Principal Broker, ABR — Sat, 09 Apr 2011 03:50:18 +0000

I have had a couple of my people get a modification – trouble is it is usually not enough

By: Jason Hillard

Jason Hillard — Mon, 04 Apr 2011 07:19:55 +0000

Thesa – if we all agree (and I think we do) that short sales and REO are going to continue being dumped into the market, do you see any hope for the big servicers speeding up their approval process? It seems like some take so long that the value drops below the offered price in the interim. I read story after story of lenders expanding their modification dept’s, but nothing about the dept’s that deal with short sales and REO.

By: Dena Stevens

Dena Stevens — Sun, 06 Mar 2011 01:21:48 +0000

What a great article! Your explainations are very clear. Buyers are so confused anymore. Short Sales and Bank owned properties both have their issues. Buyers should take all factors into consideration. But don’t forget the average typical seller – they are motivated too! And a private seller not in trouble could have more equity in the property and therefore more room to adjust pricing or conditions.