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Short Sales

March 25, 2012

Are you looking for a home & trying to buy a short sale? The timelines have gotten better but there’s so much more that could be done.

As a Realtor, the biggest frustration is that the foreclosure dept & the short sale dept of a bank don’t communicate!!! It’s heartbreaking for a buyer when a home forecloses while in escrow.

Your Realtor can ask for a postponement of the foreclosure but there are no guarantees. Make sure your Realtor checks the tax rolls before you make an offer. If the Notice of Default has been filed, check the date. The seller has a minimun of 90 days after the NOD before the Notice of Sale is filed and the home can go to auction 30 days after that. Keep in mind, there MAY be more time, these are the minimum time lines. Just don’t get your heart set on a short sale – I hope the banks will coorperate more & more but short sales are still difficult & take aggresive action by the listing agent. Make sure the listing agent is experienced or has a negotiator (there will likely be a buyer paid fee for this).

Final word….please make sure you have a Realtor that will keep you posted at every turn & work hard in your interest!
If I can help you in Orange County, CA, please don’t hesitate to contact me….if you’re out of my area, I can refer you to a trusted Realtor!

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From → Buyers

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