What Type Of Sale Is It???!!!???

      Ever heard of a short sale? Yea….they aren’t short! Whoever came up with the name of that was obviously trying to be funny.  It is a LONG process but can be well worth it if you have the patience! A short sale occurs when a particular property is sold at a lower price than the mortgage due to the bank. The bank then accepts the “short” payoff – taking a loss on the loan.  If you don’t even want to consider a short sale or foreclosure or auction property, let Brenda know that upfront…she won’t show you any! I wasn’t sure initially if it mattered to me so I went to see a couple. The particular ones I saw were NOT something I wanted to live in! Walking in to foreign music and incense burning along with grease infested ovens, writing all over the walls, wiring out everywhere, need I keep going….is not something I wanted to stay in! NO way! I did see one really great one too don’t get me wrong, but decided the timing just wouldn’t work for us. Be careful with these though as they are as – is. Also, just because the seller accepts your offer doesn’t mean the bank will! When the homeowner is no longer able to make their payments and has quit making payments, then the lender starts the foreclosure process in which time the people living in the home are forced out but still have the opportunity to buy the property back. Once the property is REO (Real Estate Owned), the bank owns the property as collateral for the loan. Usually the short sale process takes longer than the REO since the banks have to agree to take less money than they are owed, but they each have their own set of rules. And be careful to know where the foreclosure process is when you go to purchase it! Auction properties have their own set of rules as well. Some have reserves which force you to start the bid at a higher price than you anticipate.  There are many pieces to the short sale and foreclosure puzzles! Brenda of course is the expert for that – literally a certified expert! This isn't something you need to be a pro on but be sure to work with an agent that is!

Also, remember when I said don’t settle? Yea, don’t! It’s easy to get wrapped up in it all and decide on one we think is “the one” right away but take your time to think about it! One that we saw the first day I thought I “loved” – Nate went to see it the next day and laughed at me. He reminded me that it had cedar shingles and siding (and I am not a bird fan…what animal do you think is drawn to that material!) with a swamp in the backyard full of mosquitos in the summer – think about the seasons and what they will bring to you! For example, the swamp, a steep driveway in the winter, etc. Some things though can be fixed with a handyman or a great construction company - of which I know of one!!

Now….34 houses later…