Buying A Nevada Short Sale The Smart Way!
Short Sales in Northern Nevada are here to stay ... for awhile. While they are here we should all learn to deal with them to accomplish our goals. Real Estate Agents need to serve their customers, Sellers need to sell, and Buyers want and should make a good purchase. The Short Sale has become a reasonable way to accomplish everyone's objective when done right. Do it the smart way.
It is important to understand that not all Short Sale situations are equal. The lender approving the SS is a critical component of a smooth SS transaction. Some are absolutely terrific to work with, reasonable, efficient and quick with their decisions to such an extent that the transaction will seem almost normal. A co-worker recently shared that he obtained SS approval in ten days and the escrow will close a total of thirty days after the initial acceptance. That's a good lender to work with.
Most lenders are improving their systems to expedite the SS process. Even the foreboding BofA SS process has recently been changed to an Internet portal system with noticeable improvement in their response time and demeanor. Most lenders have come to appreciate the benefits of the SS and are much more willing to work in a positive way to achieve them. Be sure to find out which lender has the loan on the home before you make a SS offer. Is there only one lender, or is there a Second? If there is a Second the agents must find out how much the First will give the Second ... and how much the Second will accept. This is critical and will tell you early on if there is a chance to make the SS work.
Buyers and Sellers must be committed to the SS process. It can take time and be frustrating. The Seller must provide a lot of documentation which can be frustrating. We've seen many Buyers hang in until just before the lender approves the sale. They pull out just as they could accomplish their goal even though they were warned of the extended waiting period that could be experienced. That is good news to the next Buyer as the sale has already been approved at that point. We've gone in at that point with a Buyer and had SS approval in five days! It is all timing. Be committed.
You can buy a property that is very close to foreclosure if you act quickly! We've effected Short Sales on several homes with less than a week to go before the foreclosure sale and succeeded in stopping the sale, putting the sale together, and having happy Buyers and Sellers. Be ready to act and be thorough when you do.
Our Advice: Buyers should make sure the agent they are using is knowledgeable and enthusiastic about Short Sales. If the agent isn't showing you a SS property on principle, is he really working for you if one of the properties omitted from your tour sheet is the right one for you? The agent must know the SS vocabulary, be familiar with the SS offer structure, know the timing and expectations of all parties including the lender, and... be willing to do the work. Don't try to steal the property - you can't, but you can get a great buy.
Short Sales have become a special area of expertise in the real estate industry. As with any area of expertise in life - don't be afraid to venture with a good "Guide" (agent) - the rewards for going off the beaten path often exceed those found where the path is paved and the fruit hangs low.
When it comes to choosing professionals to assist you with your real estate needs ... Experience is Priceless!
Lisa Wetzel and Jim Valentine are the authors of this blog. Lisa, Jim and Jessie are experts in Carson Valley , Carson City and the tri-county area of Douglas County , Carson City and Lyon County. Call our team anytime at 775-781-5472 or 775-781-3704. To Search for Homes go to: Carson Valley Listing Book or visit our website at www.CarsonValleyLand.com