Posted by: Catherine | January 6, 2008

Help for Buyers on Short Sales, REO’s and Foreclosures


Yes, we also help buyers get into short sales and foreclosed homes.  Part of the advantage of working with short sale sellers is that we get a very good handle on the inner workings of the banks and can help buyers structure their offer in the best way, to get the best results.  In fact, sometimes we even help to educate the other agents involved.  Remember, the short sale and foreclosure phenomena is pretty new and not all agents deal with them, or have experience with them.  

If you are contemplating buying a short sale or a foreclosed home it is important you find an agent that :

  1. Knows the process with the banks and loss mitigation specialists.
  2. Will provide you local area comparables to evaluate your best offer.
  3. Can provide you accurate and timely trends and facts reports.
  4. Knows the areas you are considering! Important as with any bank owned property you may be getting very little, and often, NO disclosures at all.
  5. Is willing to be patient with you and with the banks.  Short sales and working with banks can often times lead to longer response times and your contractual time frames should reflect that.
  6. Can help you set realistic expectations.  Not all offers are accepted, sometimes they don’t even counter.
  7. Has a full resourse list of professionals to help evaluate the property including inspectors for such systems as: roof, property/home, foundation, drainage, soils, HVAC, electrical, plumbing, chimney, fireplace, lead paint, mold, structural, etc.

Remember, with a short sale, the seller most always has all the same duties of disclosure as any other seller, but properties owned by banks may be void of most requirements as of course, they’d never lived in the house.  There can be definate disadvantages to buying a home with no known history – so be careful and only rely on trusted professionals.

Ready to buy a short sale home? or a REO / foreclosed home?
Then, contact Catherine Myers or Terry Osburn for short sale, REO and foreclosure home information in Contra Costa.  We specialize in Walnut Creek, Lafayette, Alamo, Danville, Concord, Clayton, Pleasant Hill, Martinez, Antioch, Brentwood and surrounding areas.  Get expert advice on a short sale or foreclosure from an accountant, an attorney or your financial services specialist, then call us for real estate expertise. 

https://contracostashortsales.wordpress.com


Responses

  1. It is very important when it is time to choose a real estate agent to buy a foreclosed or short sale property, that you find an agent that all seven quailities listed above. If you don’t check to see if an agent possesses all of these things, you can find yourself investing in an unprofitable property. So please make sure that the real estate agent has these things in place before using him to buy these types of properties.

    A great resource and community for real estate can be found at http://www.realestateinvestor.com


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