Is buying real estate listed as a "Short Sale" for you?

Are you thinking of purchasing a home?  Are you excited that you may purchase a home listed as a SHORT SALE and get a killer deal?

You should be aware of some of the pitfalls of trying to purchase a Short Sale property, such as:

- Competing with multiple offers:  is the home priced so low that you find yourself competing against 6, 7, or more other buyers, thereby bidding the home back up to a current market value in which you could purchase a comparable home for and not hassle with the Short Sale process?

- Looongggg wait times to hear back from the Bank regarding your offer:  ask your REALTOR(R) if the Short Sale price has actually be approved by the Bank, or if the Listing Agent still has to try to convince the Bank to let the property go at that price.  Take Note:  Even if the Listing Agent states the Bank has approved the price, there still could be many months waiting to actually get a Banks written approval to let the purchase go through.  Buyers waiting 3-4 months to hear from a Bank that an Offer is approved, or not, is very typical at the time I am writing this Article.

- Very limited communication with all/most disclosures being given to the Buyer "blank":  Banks and their Agents seem to not care about quick communication ... generally speaking.  Most are not returning phone calls promptly, leaving long periods of time to get a call back on the simplest of questions, and Vacant Bank Owned properties will not have any Disclosure Forms filled out for Buyers, leaving Buyers with no information regarding  the state of the home (and homes can have "quirks" that Home Inspections don't find easily).   Now of course, having no information on Disclosures is understandable, seeing that neither the Listing Agent or the Bank have lived in the home and therefore do not know the condition of the property (with all of it's "quirks"), but this point is brought up to say BUYER BEWARE:  Are you ready for such a deal?  Or are you a Buyer that "needs" to know everything and cannot handle the stress of "unknowns"?  Think this point through.  A Standard Sale, where a Seller is still around, may be a better deal for your peace of mind ... even if it means paying a little more!

In conclusion, the short and funny video, seen below,  sums up the feelings that I have at times, regarding this current Real Estate Market!  Buyers and Sellers may not always know the frustrations that go on behind the scenes, which the Agents are handling for their clients ... especially if you have an Agent who doesn't need to "vent" all over their clients about every little aspect of the deal.

The current Real Estate Market and the way the Banks are handling offers, does leave little room for sympathy for the Banks when they cry, "Bankruptcy!  Please give us more money!"    To such cries, I state, "Unload the properties you've already got in Short Sale, NOD, and Foreclosure ... quickly and smoothly!"

 

For all of your Real Estate needs in the Santa Clarita Valley and the nearby surrounding areas, please do feel free to call me ... just be aware of the Short Sale process!  "Patience" and "time" are two key words in such dealings!  

LeeAnn Bell, 661-309-2364
LeeAnnRealtor@yahoo.com

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LeeAnn Bell, REALTOR(R)
DRE License #01260650

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Here is what another Agent had to say (in writing) about working with me:

"We know how difficult this transaction could have been and we really appreciate the time you took to help everyone get what they needed.  It's always so much easier when agents are willing to go that extra step."

- Rich S.

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All comments welcome
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