The biggest hurdle involved in buying a Pre-Foreclosure or Short Sale home is getting all of the parties to agree to the contract. In a Short Sale situation the homeowner is trying to sell his home for less than what he owes to the bank. The bank has to agree to accept less than is owed in order for it to be sold. The bank will do this simply to avoid the expense of foreclosing upon the home to take back title. So in a Short Sale situation there are three parties to a contract: the Seller (homeowner), the Bank, and the Buyer. All must agree to the purchase. I have run into the situation where a homeowner lists the home with a Realtor, a Buyer agrees to pay the list price, the Bank’s representative has made it known that they would approve the offer, BUT the homeowner has since walked away and cannot be found to sign the deal. The other frequent scenario is the Buyer and Seller come to an agreement, but the Bank decides not to accept the deal. The Bank usually counter-offers and demands a higher purchase price. Unfortunately, a Short Sale can be a frustrating ordeal for a prospective Buyer. It is necessary to have a Realtor experienced with Short Sales, such as myself. If you are interested in a Pre-Foreclosure or Short Sale in the Phoenix area feel free to contact me.
1-800-300-0263
