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Tucson AZ Real Estate Search

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BUYING A HOME IN TODAY’S MARKET

The following information will help buyers understand the THREE major different types of sales listings

TRADITIONAL SALE INFORMATION
(HOMEOWNER HAS EQUITY)

o Buyer makes reasonable offer based on current SOLD comparables

o Buyer should expect to get an answer back from the Seller within 1-2 days

o If Seller acquired the property within 90 days, there may be issues with FHA/VA loans.

o Buyer gets 10 day home inspection and usually can ask for reasonable repairs

o Buyer should expect to close on the home within 25-40 days (depending on loan type)

BANK OWNED (REO) INFORMATION

o Seller has already had property appraised and their list price is at or below that price.

o Buyer makes an offer at or near the list price.

o If needed, Buyer can ask for seller concessions for closing cost (Bank Looks at NET).

o Seller is looking for “Highest & Best Offer”, especially if they have multiple offers

o Buyer should expect to hear back from the Seller within 3-5 business days.

o Buyer to complete inspection on home but property is sold AS-IS so no repairs will be made

o Buyer should expect to close on the home within 30-40 days.

SHORT SALE INFORMATION (seller currently owes more that the property is worth)

o Sellers list property with Seller’s agent at any price they wish (no appraisal has been done)

o Buyer requests to view the short sale property

o Buyers Agent interviews Seller Agent on their qualifications and lien information on home

o Buyer understands the type & number of liens on the home highly determines approval or denial of the Short Sale

o Buyers Agent determines the probability of the short sale being approved

o Buyer can make offer on the property and should hear back from Seller within 1-2 days.

o Seller usually requires a NON-REFUNDABLE earnest money check. Check is usually not deposited until there is acceptance from the seller’s lien holder

o Seller’s agent submits short sale package to the lien holder for their approval.

o Seller’s lien holder takes 60-180 days to review the short sale

o Seller’s lien holder will order an appraisal on the property

o Seller’s lien holder may counter the Buyer Offer if the offer amount is below appraisal.

o Buyer can accept new price or cancel and start looking again (earnest money is refunded)

o Buyer CAN NOT continue to make offers on any other properties during this process unless they are intending to purchase more than one home (per Commissioners Rule & AAR Contract)

o Buyer CAN make an additional offer on another property if they agree to cancel their current contract and potentially lose their earnest money.

o Seller receives approval letter from their liens (Minimum 60 days from Offer date)

o IF Seller agrees with banks approval, Seller will issue Agreement Notice.

o Buyer to complete inspections and property is sold AS-IS, no repairs to be made.

As your AGENT, my job is to find a home that meets your needs and desires in a timely manner. I recommend looking at Traditional Sales and Bank Owned Sales before looking at Short Sales. Only Buyers that can wait 3-8 months to close on a home should be looking at short
sales.



 
Use the links below to review properties, make a request or sign-up for property updates. Please be sure to visit this section often and sign-up for my property updates. You will be able to review new listings as they become available. I update properties and property links on a regular basis.

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Coldwell Banker Residential Brokerage
11165 N. La Canada Dr. 175 • Oro Valley, AZ 85737
Phone: (520)820-5460 • Fax: (520)219-8837
Office (520)352-2700
Toll Free (888) 876-9784


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