Short Sale & REO Updates
May 9, 2009
Lots of multiple offers on short sale listings. The sun is out and so are the buyers, if you are looking at bank owned properties or short sale be prepared to write for higher than list price and have competition. You still can get a good deal but don’t wait too much longer because short sale and REO listings are selling for over list price.
Bank response time for a short sale is not getting shorter but the end result is getting better. Most banks will negotiate the price but will only give up to 3% in closing costs. Agents, good news as of April 1, 2009 most banks and Fannie Mae will not make the sale contingent on agents reducing commission.
April 23, 2009
Agents when you write a contract on a short sale listing there is no good reason for you to call the listing agent everyday or every other day. If your client is calling you everyday,you did not trully explained the intricacies of a short sale. Yes, 2-3 months trully means 2-3 months for you and everyone else. It does not mean 2-3 days.
Don’t be afraid of short sale, if you are patient at the end of 2-3 months you will be the lucky owner of a great property with equity and you paid less than half of what the porperty is worth. If you are not on a time constraint then go for a short sale.
If your agent tries to talk you out of writing on a short sale get another agent, one who understands the ins and outs of short sale.
If you are writing an offer on a REO/bank owned property be prepared to write a contract for higher than list price because the last 3 weeks we have seen an increase in multiple offers on bank owned properties. If you are looking to buy, buy now the market is changing and it is changing quickly but mainly in the Short Sale and REO properties.
We can help you get the property you want.
Nancy Alert,Realtor,ABR,GRI,CRS,RDCPro™
Nancy Alert & Associates LLC
RE/MAX Allegiance
