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by Jace Stolfo
on Saturday, December 6th, 2008 at 12:47am.
Please let me first clarify by saying that I specialize helping buyer's with short sale and bank-owned real estate. However, I've found that if we can locate you the right bank-owned home, it's generally the best route to pursue. Here's five reasons why:
1. You can buy it at the advertised price (unless bid up). Many people don't realize the asking price on short sales has not been approved by the lender and may or may not be realistic. I've seen listing agents cutting prices well below what the lender's accept just to get an offer on the table so they can get the ball rolling with the loss mitigation department. This results in frustrated buyer's when the lender comes back with an approved price over the asking price. It still may be a good deal, but not what you were hoping or planning for.
2. Acceptance Time. For short sales, it takes 4 to 12 weeks to find out if they approved your offer. For bank-owned homes, it's 3 to 5 business day's.
3. Closing success. A relatively small percentage of short sales reach closing. Buyer's often become impatient waiting for the lender and the lender does not always approve a satisfactory price.
4. Just as good of deal. Generally, you can get just as good of a deal on bank-owned real estate as short sales but without the risks we're discussing.
5. Special financing. There are some bank-owned homes available for special 100% financing with better than market interest rates. [update: 2009 no longer has 100% financing for REOs- 97% still available.]
You can look through short sale listings on this site and request bank-owned real estate here.
Please let me know if you have questions on specific properties. I can help you make the right determination on which ones are worth pursuing. You can read more about my buyer services here.
Jace Stolfo 208-484-2560