Get Short Sales ApprovedEven in this economy when a home sale should be finalized rather quickly, finding a home, getting a mortgage, moving in is not easy. The rules are even more strict when foreclosures and short sales are involved. There are plenty of questions surrounding short sales, especially from buyers such as why wasn’t an offer to buy a certain piece of property accepted. The Raleigh movers know that even when the banks is willing to go ahead with the deal, most of the time the price paid for the short sale is not enough to cover all the expenses including taxes, fees and closing costs. Many times the bank wants one of the involved parties, seller, buyer or even agent, to pay the difference. This can be a problem regarding actually getting the short sale approved.
Banks like to use BPOs, broker price opinion, to evaluate the price of the short sale. They typically like to get at least three different opinions from licensed appraisers. The Raleigh local movers remind you that this again can interrupt the approval process.
Another common problem with short sales is the pricing. Typically they’re priced too low and banks don’t respond well to that. Because the banks also sometimes discount the current mortgage on the home up to 20%. So selling the home has to be more worth it to them, in order to accept a short sale. The banks are not the ones listing the price tag on these homes, the real estate agents are and usually they make them low enough to attract potential buyers. The key is to set the price at market value and then try to sell it. The house should be on the market for a while before the listing agent tries to lower the price tag again.
If you’re looking to buy a short sale home, ask if it’s in foreclosure. If it is, you might not have time to purchase it as a short sale. The Raleigh local moving specialists also suggest you ask if there are any loans or liens on the home. Try to work with a real estate agent who has professional experience in dealing with short sales.
Try to refrain from putting a deadline on the offer, especially the 30-day deadline. A short sale takes much more time to process, by putting a one-month limit to your offer, you’ll almost ending your chances of getting your home before you even started. If there’s a date attached to your paperwork, the risk you take is that the bank you’re dealing with might not even process your offer.
Finally, if you’ve found a short sale home and have managed to get the contract approved, don’t forget to call All My Sons of Raleigh for an easy and stress-free move into your new home. We’ll take care of all the moving services details so you can settle in comfortably and enjoy your new home.