Thursday, November 1, 2007

Orange County Real Estate - The Truth About Pre-Foreclosure Short Sales (Part III)

Rule #3 - You Will Need To Be Patient

Link back to Part II

The absolute hardest part about a short pay sale is the amount of time that goes on without any sort of response or answers from the lender. Even the best offers may not be attended do in an expedient manner simply because the lenders have so many other transactions they are trying to juggle and they just aren't all that excited about taking a loss on any of the properties. Many times they would be better served by moving quickly but unfortunately we aren't the ones who get to make that decision.

This, however, doesn't mean the squeaky wheel won't get the grease! Good real estate agents will need to be proactive in making sure that the bank knows there is a legitimate offer on the table and that the buyer is serious, qualified, and ready to consummate a transaction. We say "legitimate offer" and realize it is a subjective term.

Orange County pre-foreclosure home buyers need to understand that the strength of the offer will have a direct relationship on the banks urgency in getting back to you. Do not be surprised if you never see a counter offer even if the offer you made is completely legitimate. Many lenders have been instructed not to make any counter offers and to either take a deal or leave it! This leads us directly into our next point of interest.

Link to Part IV