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Omo, Other/Just Looking in Florida

So much talk about short sales what about regular listings? Buyers seem to think short sales are better

Asked by Omo, Florida Mon Jan 19, 2009

Why is there is so much talk about " Bank Owned" Short Sales" Foreclosures"
What about a good old fashion House For Sale Listing?
Is Bank Owned" Short Sales" Foreclosures" better than a regular home for sale? Some of these mortgages due on the these "GREAT DEALS" translate to not such a great deal.
Many Many Realtors are really jumping on the Short Sale wagon and even listing Luxury Homes secondary on their company websites.
Buyers are wanting to know "Oh Where can I get that List????? I want a Deal.

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I think I can agree with what you're trying to communicate.

Short Sale doesn't neccesarly mean great deal... a owner who purchased a home 20 years ago and owns it free and clear is sometimes willing to sell at a better price than a bank's loss mitigator with 200 files on their desk.

It's all about identifying the right deals regardless of their advertised status
1 vote Thank Flag Link Mon Jan 19, 2009
Dear Omo,
Typically the percentage of short sales, that actually close is 2%. However, REO's also know as real estate owned properties, or "bank owned." do close and will close, you receive a prompt response from the lender. It should be noted if it is a new listing the lender may require a delay of 7 days before they will consider bids. Thereafter, you will be required to sign and convey necessary documents they will require you to sign in addition to the initial purchase offer. If you are doing financing your purchase they will also require an approval letter from you lender. In answer to your Luxury Home comments, unfortunately the luxury homes are now being impacted by the current economic situation.
Laura Higgins
0 votes Thank Flag Link Sat Jan 31, 2009
The shortsale could end up in the end beying a GREAT DEAL but is not realy sure it is a long process and in the end the bank will not approve the sell and you end up losing the great deal now, some sellers who does not have a mortgage and needs to sell in my opinon they will negotiate lower keeing in mind the short sale deals out there that will come in place when the appraisal is done, in my opinion as a good agent I am trying to find for my clients the great deal now when the interest rates are so low and we can still find them now another source of GOOD DEALS are the bank owned available now and the banks had allready gone through the foreclosue and are ready now.
0 votes Thank Flag Link Thu Jan 22, 2009
That is not necessary true. As for getting the information on short sales and foreclosed homes, your Realtor can get that information for you . They will be listed in the multiply listing along with the regular listings in your area. The Realtor just needs to put in the search for bank owned or coparate owned homes. To answer if they are better deals, sometimes and sometimes not. Many of the foreclosed will need work and are usually sold as is. So if you don't have the money to fix them or you can't do it yourself, that might not be a good deal for you. The short sales are usually priced in line with regular listings, the difference with them is the owner owes more on the home than what it is worth in todays market.
If you are lokking for property in Wilmington, NC check out my web site or call me . http://www.capefearhomesforyou.com
0 votes Thank Flag Link Tue Jan 20, 2009
Mr. Wilson understands part of my meaning. It just seems that there is so much emphasis on short sells (thank you for the correction) that regular listings are overlooked and as I stated, secondary on many Real Estate Company websites.
I don't see the deals? I saw one short sale house for $374,000 and the listing states "may not cover all debts attached" or something like that. That home is not below market value, its small in size. Then I see a regular listing with 700 additional square feet for only 40,000 more dollars?

How about if Realtors start directing emphasis on Regular Listings making these short sells/bank owned/foreclosure secondary. Perhaps people will stop looking to simply let go of their home even though they can keep it because its the trend or because they can.
SEE: http://www.trulia.com/voices/Foreclosure/What_happens_if_I_w…
I have seen the power of a Realtor and they are and do create the thermostat in this market.
0 votes Thank Flag Link Tue Jan 20, 2009
Short Sells can in deed be a good deal if you find a Realtor who is willing to go the extra mile for you and your not in any hurry. There may be a "perfect" home for you out there that just so happens to be a "short sell". If you love it, go for it! The banks that I am dealing with today are approving them in a much shorter time frame, some not all ! ! So keep that in mind. Be ready for a 30-60 day process or even longer. But can be worth the wait for that perfect home !! Patience is the key for a short sell!
GOOD LUCK! ! ! ! !
0 votes Thank Flag Link Mon Jan 19, 2009
Omo,
Very good question! It depends on what is your version of "better". Short sales can result in getting a home for a price below market value. And they can result in months of wasted time with nothing to show for it!
If you are looking for a home that is priced well, and you want, or need to close in 30-45 days, a "good old fashioned" house for sale is the better deal for you!
Web Reference: http://www.kathydelhaes.com
0 votes Thank Flag Link Mon Jan 19, 2009
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