10. February 2009 by Burbank Real Estate.

Image by Getty Images via Daylife

When a listing is listed as a short sale it does not necessarily mean it’s a short sale.  What this tells you is that the listing agent and seller hope that the bank will accept an offer on the property.  When it says that the bank has approved a short sale at a particular price, then you know at least part of the hurdle has been cleared.  But banks reject offers all the time.

The main reason that banks reject short sale offers has to do with the following scenarios:

• Short sale offer price is too low or below what the bank has agreed to accept.  Remember that, by definition, a short sale is when a bank agrees to accept less than the amount owed to the bank.  Make sure you include a CMA(comparative market analysis) to justify your price.  The bank will look at several appraisals, so if it feels it can do better it will reject your offer.

• Offer package is incomplete.  Make sure you get a list from the bank of all expected documentation.  Don’t be surprised if you agent ends up having to fax the documents several times as the banks are notorious for losing or misplacing paperwork. It will help if everypage is referencing the property address.

• Buyer does not qualify for the loan.  This is standard practice nowadays, but make sure you are pre-approved for a loan before you make any offers.

• Bank sold the loan.  It’s not uncommon for the bank to sell the loan during the short sale negotiations.  Sometimes the bank does not realize it sold the loan until well into the process.

Remember that, on average, it takes anywhere from 6-12 months for a short sale property to sell, sometimes much longer.  I have seen offers get accepted 4-5 months after submission due to the backlog at the bank.

Buying a short sale property is not for the weak, but you can pick up some good deals if you know your area pricing.

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24. January 2009 by Burbank Real Estate.

Image by respres via FlickrSearch here for the current inventory of Valley Village foreclosure and short sale properties. It does change daily, so if you see a property that you are interested in, please call me at 818-795-8474 for more information or to schedule an appointment.

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9. January 2009 by Burbank Real Estate.

Image via WikipediaSearch here for the current inventory of Lake Balboa foreclosure and short sale properties.

If you would like help in the search of an REO property, please call me at 818-795-8474 for more information or to schedule an appointment.

Posted in Burbank/Surroundings Foreclosure Listings | Print | No Comments »

8. October 2008 by Burbank Real Estate.

Image by respres via FlickrSearch here for the current inventory of Studio City foreclosure and short sale properties.

If you would like help in the search of an REO property, please call me at 818-795-8474 for more information or to schedule an appointment.

Posted in Burbank/Surroundings Foreclosure Listings | Print | No Comments »

1. February 2008 by Burbank Real Estate.

Image via WikipediaSearch here for the current inventory of Valley Village foreclosure and short sale properties.

If you would like help in the search of an REO property, please call me at 818-795-8474 for more information or to schedule an appointment.

Posted in Burbank/Surroundings Foreclosure Listings | Print | No Comments »