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661.547.8913 direct
DRE# 01444965
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SHORT PAYS, REOS, BANK OWNED, TRADITIONAL SELLERS: WHAT DOES IT ALL MEAN?
As of today, June 2009, the SCV real estate market is comprised of 3 types of sellers
1. SHORT PAY SELLER-this is a seller/borrower who owes the lien holder (bank) more money that their home is worth. The deficiency of funds in the sale of the home MUST be approved by all lien holders involved. This type of sale has many variables: how many lien holders are involved, how realistic the sellers are, how well the property has been priced/staged. Generally speaking, this type of sale can last anywhere from 1-16 months. A short sale process can be very fatiguing for a buyer for a variety of reasons. Please ask me for more specifics about this type of sale.
2. REO/BANKED OWNED-this is a sale wherein the seller is now the bank because the home has already gone through the foreclosure process (it went from a short pay to an REO). In this sale, the bank intends to sell the property at fair market value as quickly as possible. There are usually multiple offers and usually over the list price on REO listings. Once the buyer has an accepted offer with the seller, the bank (seller) are VERY strict on the terms of their contract and the buyer needs to prepare for strict timelines and no repairs. Though, usually a whirlwind process, the REO purchase is usually short and sweet! Please ask me for more specifics.
3. TRADITIONAL SELLER-a seller who is not upside down on their loan/s and can sell their home without a bank contingency. These properties usually have multiple offers and are highly competitive because there are very few on the market and the ease of working with a seller who can make all their decisions without all the red tape, is a breath of fresh air... or more like the needle in the haystack.
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