Home Buyer Information - Shortsale

SHORTSALES – BUYING A HOME BELOW MORTGAGE VALUE

Short sales are properties being sold by the current owners for less than what they currently owe on the mortgage. The current owners' lender(s) must agree to the sale, so the process can take much longer than a regular home purchase. Sometimes as short as 30 days if the sellers started the process long before you became the purchaser, but often it can take several months, so when buying a shortsale, be prepared to wait.  You will not know when your transaction can close escrow until the shortsale lender(s) have responded and approved your transaction.   

REO PROPERTIES – BUYING A BANK FORECLOSURE

Real estate owned (or REO) properties have gone through a foreclosure and are now owned by the bank. These properties are often sold as is, so it's a good idea to get an inspection and to figure out the cost of any needed improvements before you buy.  You can find REO properties through your Real Estate Agent or through specific bank-owned websites. A few are shown below….  

• FANNIE MAE REO properties – www.homepath.com  We have access to homepath lending….click here to find out more information about homepath financing.
• FREDDIE MAC REO properties – http://www.homesteps.com/featuresearch.html
• CHASE REO properties - https://servicing.chase.com/reo/property/FeaturedProperties
• WELLS FARGO REO properties - http://reo.wellsfargo.com/WBREOHome.aspx

Note:  It is highly recommended to find a real estate agent to write your offer for you on REO properties as well as on regular sales because they generally will have the experienced to know the correct channels to get your offer accepted.  You should expect some competition on purchasing many REO properties though, as they are generally priced to sell quickly and often generate multiple offers.

If you do not have a good Real estate agent, contact me for a referral in Southern California - San Diego, Orange County, Riverside County, or Inland Empire – Click to Contact Me