Short Sale, Bank Owned…???

Ah the new terms of the modern agent. You have to remember, they are all independent contractors and free to butcher the language as best they can.

                                Short Sales have nothing to do with midgets!

Short sales refer to homes that are listed for less than the owner owes the lenders. The owner is attempting to sell before foreclosure occurs. The lenders have to approve the deal. If you are in the market and any of these homes has caught your eye, remember the voice from the past.

DANGER WILL ROGERS, DANGER

Make sure that your agent finds out whether or not the seller has actually taken the necessary steps to get bank approval.  If you do not have an agent, contact the naked realtor or find another one. You will be better protected if you have an agent guiding you through this process. It will not be quick and if you do not have someone on top of this for you, it may never happen.

Bank Owned Property is just that………….

Somebody used to live there and they did not pay. A very old saying in real estate “You pay..you stay”. These properties have been foreclosed on and they are now “non performing assets” to the bank. The sale may be listed by a local agent, but the actual process will be handled by a clerk far, far away. These homes are being sold for very low prices. They are as-is. The bank doesn’t know the condition and they will not guarantee anything. You can inspect the home, but they will not fix anything. Don’t let cosmetics and minor repairs make you forget the low price.

Two different types of home sales. Both of them offer low prices. You just need to know what you are stepping in before the smell hits your nose.