Find Your Home!

Wednesday, January 01, 2014

Short Sales, Foreclosures and Institutional Lenders....Not for all buyers!

This is not intended to bash the banks, really.

Still, experience has shown me multiple times that institutional sellers (lenders, Fannie Mae, HUD) are not always easy to work with whether you are the buyer or seller.

When dealing with short sales there is a seemingly endless bureaucracy.  I have one buyer who has had a short sale contract pending approval since February 2013.

Key point:  If you are considering a short sale purchase, give yourself plenty of time and be ready to act on short notice (i.e. approved, close in 30 days or less).

And if you have a short sale under contract awaiting approval it may just get foreclosed before a decision is made.  Sometimes the right hand does not know what the left hand is doing.  (And no one finds out until the locks have been changed!)

And then there are the foreclosures which require dealing with a government contractor.   In this case expect minimal service with most of the burden placed on the buyer.

And sometimes the institutional seller is a local bank or credit union which is an entirely different process than what I write about here.  (When considering a mortgage, look local like your bank or credit union!)

Buying a short sale or a foreclosure is not the same as buying a standard sale.  Still, bargains can be found if a buyer has the funds, patience and....the moon and stars are aligned!

If you are considering selling your home as a short sale in 2014, call me to discuss how I can work for you.  If you are in a potential foreclosure situation your lender may be open to a short sale.

If you are considering buying a home in Viera, Suntree or Rockledge, Florida, I would welcome a chance to assist you in any way possible.

Follow by Email