Short Sales - Be Sure Your REALTOR® Knows How To Represent YOU!
April 18th, 2008 Posted in Best Buyer's Market In 20 Years, Central Oregon, La PineShort Sales - Buyers need to be prepared for the long road. We are seeing a lot of short sales hitting our market in La Pine and Central Oregon and many buyers are looking for a great deal. There are a lot of great homes out there, many of them well below the real market value of the home.
This week, I personally had a listing lower the listing price to what will be a short sale. Many agents and buyers alike are “beating down” the door to see this great home and offers are starting to come in. It has amazed me to see what agents are putting in their offers.
A buyer, buying a short sale is not like buying every other home you have looked at. Everything is subject to the lender’s approval. Timelines are different, and you must be prequalified or be able to provide proof of funds if you plan to pay cash.
Most of the time the lender will not approve repairs, maybe the seller will complete a repair as to not have such a big ding on their credit but generally the lender will not. When looking at a short sale knowing if the seller and / or the seller’s agent have a working relationship with the bank is vitally important. Do they have the necessary paperwork ready for the bank? Do they have the additional paperwork ready for you the buyer?
Not every agent has the necessary knowledge to help you through your short sale procedure with success… if you need assistance please ask a lot of questions before choosing your REALTOR®.
One Response to “Short Sales - Be Sure Your REALTOR® Knows How To Represent YOU!”
By West Toronto realtor on Apr 19, 2008
Nice article - I think this short sales “boom” in US confused many buyers, because who was dealing with short sales few years ago? Here in West Toronto homes it wasn’t seen very often and I suppose at your market it hasn’t been much different. But short sales are really big opportunity for both buyers and realtors…