How to Get the Best Short Sale or REO Deal in Victor Idaho

By
Real Estate Broker/Owner with West Group Real Estate

Here are a few suggestions on how to get the best Short Sale or REO Deal in Victor Idaho.


REO and short-sale properties can be money pits when offers take forever to close and vacant properties are trashed.

 

  • The best short-sale deals are those where the bank has pre-approved the sale price. The property may still take a long time to close, but not as long as it would otherwise.
  • Buyers of a short-sale should be prepared for multiple offers. If the short-sale property is an attractive one, the lender will continue to market the property even after signing a sales contract. And if it gets a better offer, it may sell the property without giving the original buyers a chance to negotiate.
  • Inspections are important. If a home has been vacant, get the property re-inspected prior to closing.
  • Buyers shouldn't focus on price alone. Homes that are in poor neighborhoods, have serious maintenance issues, or have terrible floor plans aren't bargains despite the price.


Source: Inman News, Bernice Ross (11/30/2009)

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Topic:
Home Buying
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Idaho
Groups:
Vision Real Estate
Investors
Tags:
deal
reo
short sale
bank owned
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Ambassador
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Russ Ravary
Keller Williams Commerce - Commerce, MI
Metro Detroit homes - Michigan Real estate & Mortg

That is the one thing that is bad about short sales.  You don't have a signed contract for so many months.

Dec 01, 2009 08:23 PM #1
Rainer
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Dawn Uselding
A New Dawn Real Estate Services, LLC - Manitowoc, WI
Short Sale Assistant

The problem with some of these pre-approved short sales is that the pre-approved price is still to high for the market.  That pre-approved price is mainly driven by the BPO ordered by the lender and I have found that often the BPO is done by agents not familiar with the area and it's unique make up.  Many times there is only a drive by BPO to set the pre-approved list price.  They never even set foot in the property.

Dec 01, 2009 11:49 PM #2
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Harley Wilcox

Harley Wilcox
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