What is the process of making an offer on a short sale versus foreclosure? Time frame for both?

Asked by Ks, 87015 Sun Jan 24, 2010

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Daniel Kniffin’s answer
Daniel Kniff…, Agent, EDGEWOOD, NM
Sun Jan 27, 2013
Any Realtor can assist with a short sale offer , although ask if they are CDPE educated . this means they have the tools to answer your questions.
Foreclosure's, Most are offered by HUD, if so you must find a Realtor who is Registered with HUD, only they are allowed to submit an offer.
Dan Kniffin is CDPE and HUD certified
Call me at 505 440-6878
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James Gordon…, Agent, Hamilton, OH
Mon Jan 25, 2010
Ks the process starts the same on both types of properties. With a forclosure propery or also known as a lender owned or Reo you will have a big addendum to sign that wipes out some if not all the protections in your purchase contract. A forclosure property normally will close within 30 days of your accepted offer.
A short sale you do not have the large addendum from the lender but the time frame can be 30 days to never. Some short sales should never have benn listed and will never close. You may get an answer back from the lender in just a couple of days or it may take months to find out that they want a higher price.
Investigate short sales if you have a open time frame and have the patience to wait months for an answer.
Web Reference:  http://www.Find1Home.com
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Patrick Thies, Agent, Anytown, IL
Sun Jan 24, 2010
You make an offer just like you would any regular transaction. There may be addendums that need to be included with your offer. Short sales will be subject to bank approval.

With a short sale you are dealing with the current owner first, not the bank. The current owner tries to sell the property for market value. Once they have an accepted offer they will take it to the bank for approval. The bank can accept, counter offer or deny the offer. It could be several months before you hear back from the bank. It will depend on the bank and how many short sales they are dealing with.

Foreclosures are already bank owned to you are dealing directly with the bank. It can go a little quicker, but again it will depend on the bank and the amount of foreclosures they have.

Once the bank accepts the offer they will give you a closing date. You need to be ready to go, the banks don't like delays once the deal is ready to close.
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