Traditional Sale, Foreclosure or Short Sale?
Traditional Sale, Foreclosure or Short Sale?
If you are looking for a home and the one you love falls into one of this these three categories, pay close attention to this article. Each of them has their pros and cons at the time of purchase for the buyer and the seller.
Traditional Sale
The traditional sale means that the buyer and the seller agree to purchase or sale the property at the price agreed on at the beginning of the deal. The transfer of the title is going to be in exchanged of the purchase money, and both parties walk away one with the money and the other with the keys of their new home.The pros of a traditional sale are that the house most of the time has the upgrades the client has been looking for and after the inspection the house could be fixed even more. Also, the closing cost can be negotiable and be paid in full by the seller. It all depends on if the seller wants to sell the house immediately and offers this deal ahead of time. However, the cons are that the seller might accept other offers that are higher or decide that they don’t want to sell the property anymore.
Short Sale
Short sale homes are properties that after sold; the proceeds don’t pay the loan off, and the seller must seek approval from their lenders to sell it. Also, the short sale homes are likely to be in a better condition than a foreclosure but it could take a long time to get a short sale approval. Sometimes the short sale might be approved but not at the price suggested by the seller. The waiting time for the short sale approval could take between 6 to 18 months, and if the bank doesn’t grant a deficiency release the seller may walk away at the last minute.
Real Estate Owned (REO)
REO properties or best known as repos are houses owned by a bank or lender. Regulations in the US ensure that banks dispose of properties on which they have foreclosed. However, this could sound that the REO properties are less expensive; sometimes that’s not the case, making short sales more attractive in price. The pros of these homes are in the quickest response for the bank to sell the property. This type of properties must sell as soon as possible. The cons are that the properties are usually in need of repairs because they have been vandalized.
Three different scenarios that the professional team from JC Realty Group know very well as they can help you speed the process of financing and purchase the house of your dreams. It takes a professional realtor to help you decide what is the best option for you and your family.
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