Yes...check out the site below....

http://www.ShortSaleSettlements.com is a national leader in the field of short sale negotiating.
In addition to the homeowner proving hardship, lenders require a specific set of supporting financial documents to consider a short sale. Contact Short Sale Settlements and one of theirspecialists will help you get started.

Hi Kate,

I work in an office in Oakland and I am experienced with both foreclosures and short sales. Bank owned or REO properties are properties that have been foreclosed and now the bank is trying to sell the asset. Typically these properties are in "AS IS" condition and they can vary widely in terms of the actual condition. I have seen some REOs that are in relatively good shape, but often times they have various deferred maintenance issues and/or uncompleted remodeling projects. As you might imagine the previous occupants of the property where not able to pay the mortgage, let alone invest in the upkeep of the property. They can be a great option to get into the housing market at a good price, but you may need to put in some sweat equity.

Short sales are when the home is being sold for less than the current mortgage on the property. This can happen for a variety of reasons. 1) the seller is having trouble making mortgage payments and is trying to sell the home before the property goes to foreclosure 2) the seller may be relocating and needs to sell, but is not necessarily having difficulty making payments. 3) A Combo of both 1 & 2.

1) In this scenario timing will be everything. How close is the home to foreclosure? If the property is due to be foreclosed upon within the month, it may not happen. If the property owner is close to missing a payment or is close to or just has received a Notice of Default, then definitely be done.
2) The seller is still making payments, but needs to sell. In this scenario, patience will be key. It can often times take several weeks to hear back from the bank, the holder of the current mortgage, as to whether or not they will accept the offer.

With a short sale you submit the offer to the listing agent, and then the agent will submit the offer to the lender of the current home owner. The lender will complete their due diligence process and then will come back with a counter-offer, acceptance or refusal of the offer. Once you hear back from the bank with an accepted offer, they will want you to move quickly to close escrow.

Persistence and patience are the key for both of these types of properties. There are buyers out there who do not want to deal with these types of properties, which helps to limit the pool of buyers (good for you) for these properties. Foreclosures can be a hot ticket item, with multiple offers. There are a lot of investors in the current market who are looking to purchase foreclosed properties.

Being educated about the process for both is one of the first steps, but also understanding what you limitations are in terms of money, your timeframe and what level of a fixer you may want to invest in.

This is a high level overview of the process. If you would like to discuss the options further, email me or give me a call.

Hope this helps!

Lisa Cartolano
Alain Pinel Realtors
Lisa@LisaCartolano.com

Hi I am A real estate agent based in San jose , and I specifically focus on bank foreclosures. We have access to forclosure listings. You may email me your specifications at lily@sfbaydwellings.com.
I would like to help you find your perfect home. Lily Maddela 408-6440197

Hello there,
Banks with REOS are just waiting for the offers,
all you need to do is: find a realtor ready to work with you
tell him what you are looking for as far as unit, price,and location, he should be able to send you any information that has to do with properties in that certain area.
in regards the short sale properties, I think you have to be patient on the time frame,
for sometimes it takes a long time for the banks to respond,

Whether is a home sold thru a seller/bank it's all the same. It is a great myth of searching for an expert in foreclosures just all the paperwork needs to be completed per the specifications of the bank. IT IS THE TALENT of an agent that can locate a GREAT home with equity. Prepare yourself of submitting multi bids on several properties, banks are slow on their response you could be in a bidding war.
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