What Home Buyers Buying Short Sales Should Know | Sacramento ...

Listing and Selling a Short Sale

As a REALTOR? in Sacramento I have taken courses and have designations like CDPE (certified distressed property expert) and helped many home sellers list their Sacramento short sale home. ?Every short sale home seller must provide me with all the documentation each of the banks require prior to putting the house up for sale. ?

As an example, Bank of America just came out with a new acknowledgement and Disclosure home buyers must sign indicating they are prohibited buying a short sale if they are bank associates or anyone in the household is affiliated with the bank etc. ?There are always new programs, new requirements banks make and a good short sale agent keeps up-to-date with the latest requirements.

This helps to qualify the home seller and facilitates the close of a successful short sale with the bank with their approval. ?Banks don?t ask me for additional documentation nor are the Sacramento short sales I represent ever denied based on lack of documentation. ?All of my distressed home sellers are treated with respect and dignity.

It is my responsibility as a short sale REALTOR? to make sure and provide the best help for my home sellers as well as give the home buyers peace of mind that the short sale is being processed to its ultimate extent, clearly fully documented. ?Can I say the short sale will be accepted by the bank? No, no one can expect the bank(s).?

Questions Home Buyers Should Be Asking About Short Sales

Before placing an offer on a short sale, the home buyer should be asking if the listing agent has had any experience and acceptance of prior short sales. ?Buyers also want to know how many loans there are on the property and are they with the same bank or different banks. ?This may have an impact on how long the short sale will take as well as if the short sale will be approved. ?Short sale home buyers may be asked to provide very private information to the bank such as social security numbers, emails, address and birth dates. ?Home buyers you willing to provide that information?

Some short sale agents will ask the home buyer to deposit their good faith deposit monies (1% of the agreed upon sale price) into escrow and sign documents that are not approved by California Department of Real Estate, in order for the home seller to accept your offer. ?

Behind the Scenes of a Short Sale

Per the California Purchase Contract, the home buyer will not be held to the fire with their deposit monies in escrow until and unless the short sale is accepted by the bank and the home buyer still has their disclosure and inspection timeline available to them. ?Actually, home buyers have many ?outs? within the Purchase Contract so in my estimation, listing agents are barking up a tree with all the shenanigans they have come up with to keep home buyers in contract and having them sign non-CA Dept. of Real Estate forms. ?The home buyer either wants to buy the house or they don?t. ?Although, short sale sellers may loose a home buyer, it?s best to use real estate forms where CA attorneys worked very hard to protect CA home sellers, home buyers and agents, in my opinion.

Yes, sometimes home buyers continue to look at more homes for sale because they don?t know if the short sale they placed an offer on will ever be accepted. ?Can?t really blame them. With so many agents listing short sales, not getting documentation and never having done a short sale it seems a bit defeating for the home buyers. ?Not to mention the fact that no one can say a short sale will be approved by the bank.

Lastly, home buyers should be getting a weekly update on how the short sale is progressing. Not only is this the right thing to do by the short sale agent who listed the house for sale but it also keeps the home buyer interested in the house they first fell in love with during what seems to be an eternity waiting for the bank?s short sale approval.

Other Short Sale Articles:

Short Sale Videos by Sacramento Realtor

Help for Sacramento Home Buyers Writing Offers On Short Sales

Realtor Helps Sacramento Homeowners With Short Sales

Short Sale Skinny from Sacramento Short Sale Agent

Source: http://www.sacramentorealestatevoice.com/what-home-buyers-buying-short-sales-should-know/

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