Buyers often ask me what is a short sale. A Short sale occurs when a seller owes more money on the home then what the market will allow. This particular listing mls: 427015 http://www.servingwateam.com/details.php?keya=282&mls=21&mlsid=427015is a short sale. When they built the home it cost over $500,000 to build. Due to the economy, the home is only worth $415,000.
When someone puts in an offer on the home, the buyer and seller will enter into a purchase and sale contract. That offer, along with the sellers financial information will be submitted to the sellers lien holder. It typically takes a week for the lien holder to upload all paperwork into the system. A BPO or Appraisal will then be issued. This is done by the lien holder to determine the actual market value of the home. This can take up to 4 weeks to complete.
After BPO has been completed the file will be transferred to a negotiator. This negotiator takes all information and submits the file to the investor for approval. This is the part where everyone has to wait. All investors are different. Some can take 3 weeks to respond, some longer. If you have PMI (Private Mortgage Insurance) it can take even longer!
Short sales are helping our economy keep foreclosures from increasing, and our house values from decreasing. Just make sure that when you enter into a short sale you are well aware of the time frames and have patience!
Author:Brandi Rademacher Phone: 253-224-6663 Dated: November 30th 2012 Views: 6,547 About Brandi: Brandi Rademacher with RE/MAX Realty South is the Professional Realtor who other Realtors come to fo...
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Brandi Rademacher with RE/MAX Realty South is the Professional Realtor who other Realtors come to for advice. With the experience of hundreds of successful transactions to her name, she has the knowledge and experience to make even the most difficult transactions appear to her clients as typical.
Brandi has been a Realtor since 2004, and has since expanded her expertise by successfully completing her ABR (Accredited Buyers Representative), ASR (Accredited Seller Representative), CDPE (Certified Distressed Property Expert) and E-PRO. These designations mean that Brandi can expertly represent both Buyers and Sellers. The CDPE designation means Brandi is one of a select few in the state who has trained extensively to u nderstand the options, solutions and effective methods for dealing with homeowners dealing with hardships, short sales, and foreclosures.
Brandi has a full team of professionals to serve all her clients needs in both residential and commercial transactions. She has an office manager, financial lender, property inspector, and a virtual assistant, all of who provide the client with a “one stop shopping” experience.
“My team and I are responsible for our clients and their needs. They place a huge trust in my team, so I strive diligently for perfection on a daily basis”.
Come with me to this online OPEN HOUSEThis beautiful home just came on
"Brandi made every aspect of our home search and subsequent purchase easier. Moving from out of state is stressful, but she took care of us, always returned phone calls and emails, advocated for our interests. I don't know what we would have done without her."