Remember, we can set up a custom home search on your parameters that will automatically update you when new homes are listed or prices are reduced. It is all part of our concierge service, so contact us and try it out!
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‘Distressed Properties’ – Lender Owned and Short Sales
The following searches are for ‘Distressed Properties’ as they are called, and they are termed either lender/bank owned or short sale. A bank or lender owned property, sometimes referred to as a REO (Real Estate Owned), is a foreclosed property that the lender owns from repossession. A short sale can occur when the amount of the mortgage owed is more than the house is being sold for, thus needing a bank’s approval to be ‘short’ in the proceeds they receive.
The short sale home transactions generally take longer and can be risky and frustrating to complete as you are dealing with the seller and the lender and competing offers. A thorough home inspection is a MUST for either type! In these transactions, remember that a lender/bank will not fix anything that needs to be fixed because they are sold ‘as is.’ Chances are that in a short sale, the seller won’t have any money to fix anything that is in need of repair, so you are in a similar predicament as in a lender/bank owned property. You need to get a good estimate of what is needed to be repaired, the amount of money that will be needed and have the means to complete the repairs. Now, having giving you the gloom news, there are some great bargains to had in this market! Study these searches below and see if you can find them – call us if you have questions.