Short Sales and REO’s – not many in this market!

I want to buy a short sale!  A Short Sale means that a homeowner is selling his home for less than the amount of money that is owed on the mortgage.  This has happened because homes have lost value over the last few years.  The home prices are coming up quickly though so if you have been in a position of owing more on your home than the appraised value that may soon no longer be true.

To purchase a home that is being sold for less than the amount owed to a lender must be approved by the lender and this is sometimes an extended period of time.  If you are looking at a home that is listed as a short sale it is important to note that the price has been set by real estate professionals and based on a brokers price opinion or an appraisal.  The lender expects to receive the sales price to justify accepting less that what is owed on the note.  Sometimes a lesser offer will be accepted but often it will be sold for the listing price.  These homes nearly always take a little longer to buy and occupy.

If you are in a position of owing more than you can make on the sale of your home it might be a good alternative for you to list it as a “short sale” and get the bank to work with you on the remaining balance.  We can help you with this process and get you mortgage relief.  Some banks are paying you to sell your home and relocate.  Bank of America, Chase, HSBC and others have been the target of investigations regarding their “robo-signing” documents and foreclosures have been confusing so many banks are preferring owners sell and move out.

I want to buy a foreclosure!  REO means the bank owns the house because it has been through the foreclosure process and the price has been set by appraised value and brokers price opinion.  Sometimes repairs will be done and sometimes the home will be sold “as is”.  Also, closing costs that would normally be paid by a seller may be denied by the bank.  If you want to buy a home that is listed as an REO you should be able to move forward quickly just as if you were buying from any seller.  REO homes are listed by real estate companies and in the listings you see on our MLS site as well as Zillo, Realestate.com, Realtor.com, Trulia, etc.

Call us today at 972-596-0371 or call or text my cell 214-563-3824 for help selling your house or buying a new one!