Real estate agent Georgui Kassaev giving five tips to buyers who are interested in short sales and REO or (bank-owned real estate).
Are you thinking of buying a short sale or REO property? Here are some things to consider.
Since the purchase of short sales and REOs are subject to different constraints, not all buyers are good candidates for both types of distressed transactions.
Buyers should seek counsel from their agents on the differences between these types of transactions during their initial needs description.
In addition to talking about needs, wants, price, and location parameters, buyers need to be realistic and understand what they could be getting into.
Whether the buyer is considering a short sale or REO property, real estate owned by banks, these transactions share the following:
►Number one. Buyers must understand the process and realize they are not in control.
►Number two. Buyers must be willing to get pre-approved.
►Number three. Properties are sold as-is.
►Number four. Lenders/servicers will not approve an offer to purchase that contains a home-sale contingency.
►Number five. It can be difficult to get closing costs covered or cashback for the buyer.
Again my name is Georgui Kassaev and if you have more questions about purchasing real estate owned or foreclosure, short sales.
Please visit my website for my contact info and also tools and tips at http://MyAthensRealtor.com
Thank you very much and you have a great day.