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
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