Some of the better purchases in 4th quarter 2009 are normal resale sales and builder specs that are finished inventory in the current year. Be open to all the offerings and don't just lock yourself into what you believe to be the best purchase. Trust your agent. Have a blessed day!
Ronda Allen-Realtor and Certified Purchasing Manager
CEO of comingsoonhomes.com
RE/MAX Dallas Suburbs-Keith Dobbs Team
#1 Office and #3 Team for RE/MAX in the North Texas Region at mid-year 2009!
Follow me on twitter: http://www.twitter.com/comingsoonhomes
Most buyers go in and say okay, they will be patient but then they become impatient. Great answers below.
My question to you is, did you absolutely LOVE the home.
If so, put an offer. Know up front it may not happen but if your offer is around the comps, then it stands a good chance of closing. Put your patient hat on. Ask that the listing agent keep you updating once a week, even if nothing has changed. I find when there is communication... all parties are happier. Know that the bank could demand money from the seller in the end that they may not be willing to pay... that could make it a bust. If you agent knows which banks that would be helpful in knowing a little bit about how it will be handled.
Having said that. Short sales can be a GREAT DEAL FOR YOU. It's like buying the same product wholesale rather than paying retail. Why would you not want to do that? Why would a buyers agent not want you to do that? You got me.
Call me if you need help.
best of luck!
Virginia Cook Reators
5950 Sherry Lane #110
Dallas, TX 75225
In submitting your offer, include the requirement that the Seller hires a qualified Short Sale mediator.
A mediator is far more likely to have the contacts in the bank's asset management and to know the ins and outs of the approval process than even the most experienced realtor. They usually charge a 1% fee at closing, paid for by the creditor bank and in most cases protect the realtor fees. Most importantly, they get the YES or NO answer from the bank much more quickly.
A win for all.
When are you looking for move short sale purchase may not work with your time frame.
Have you spoken to your buyer's agent about why's?
Most don't understand I place a disclaimer about 5 working days prior short sale closing ALWAYS drama not due to listing/buyers agent how bank does business. Many agents have stopped doing sales transaction involving foreclosures and short sales.
National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Yes, I have had some successful short sales, but most are nightmares, like one I have going where the seller is not getting their paperwork into the bank.
A short sale offer will get submitted to the bank, and it may take 90 days or longer to get a response on your offer. During that time, other offers can be submitted, and depending on the listing agent, they may or may not submit additional offers to the bank. This leaves you in limbo during that time.
If you find a great deal on a short sale and want to make an offer and wait, then you could have an opportunity to get a great deal. You just want to make sure that the listing agent will not be accepting any other offers during the waiting period.
If you have any further questions, please feel free to give me a call or email.
Amy Downs, Realtor
Keller Williams Realty
Short sales can be a nice buy for those purchasers who can wait and be patient with the process. In the end, they will have a property at a discounted price, and, at today's low interest rates, an excellent buy for the long term.
Now let's be honest. Real estate sales is one of the few professions where a sales agent does not get paid until the transaction is closed. In the case of short sales, an agent can be involved in a transaction for months, continue to show properties because buyers want to see anything and everything at the expense of the agent, and there is no compensation for the agent's counsel, advice, experience, time, paperwork, research etc. Try this with a lawyer, doctor, accountant, or any other service provider. So there's a downside for agents also. But, with proper, upfront education for a buyer, a short sale can be a great deal, and through mutual understanding and agreement between buyer and agent, there can be a positive outcome, with patience. The buyer gets a great deal on a property they really want and the agent gets compensated to pay their bills for the next month or two.
Best of luck and remember, your buyers agent is there for you to get that info and get the house YOU want, at the best terms and price.
If you have a limited amount of money to spend for option period and inspections and appraisal, they may also not want you to blow it on a short sale that might or might not happen.
Short sales work best for buyers who have a little extra cash to gamble on what might be a slightly better deal than average and who have real flexibility on move and closing dates.
If you are serious about going after short sales and meet the criteria above, we are willing to work with you if your current realtor won't.
Nevertheless, if I have a buyer that is ideal for a short sale I will do my best to educate them about the process and tell them all the things that can go wrong and then do my darndest to make it work.
Hope your situation goes well & good luck!
There are enough homes out there to choose from. If you are in no hurry to purchase and if you were getting the best deal, then you can just insist and explain it to your agent.
This is something that you really should discuss with your agent.
From my point of view (that of an agent), here, I've found you a property, but it could take months to find out if the bank accepts your offer. IN THE MEANTIME, you're going to want me to continue to show you properties (aren't you?), and you'll always be comparing them to the dream of having the short-sale accepted.
I'm not saying your agent is right to steer you away, just trying to explain why this might be happening.
There are hundreds of short sales on the market right now. Some are listed by short sale experts who have excellent records in negotiating with lenders. Others are listed by inexperienced agents who know nothing about the short sale process but use the short sale opportunity to attract new buyers to a listing that is otherwise impossible to sell.
If you have unlimited time, patience, and have an agent that you trust to research the feasibility of a short sale, then you might be successful in getting a good deal on a property. You will probably find that the most promising opportunities will have multiple offers. You're not the only one looking for a deal.
In this market there are many opportunities for great deals. But even foreclosures are less trouble and have a much higher percentage of closing than short sales. Good luck!