Comments on: Bank Owned vs. Short Sale - What’s the Difference? http://www.thearlingtondirt.com/2008/06/02/bank-owned-vs-short-sale-whats-the-difference/ Digging up the Dirt on Northern Virginia Real Estate Sat, 22 Nov 2008 17:48:29 +0000 http://wordpress.org/?v=2.3 By: Jennifer http://www.thearlingtondirt.com/2008/06/02/bank-owned-vs-short-sale-whats-the-difference/#comment-406 Jennifer Sun, 08 Jun 2008 01:19:56 +0000 http://www.thearlingtondirt.com/2008/06/02/bank-owned-vs-short-sale-whats-the-difference/#comment-406 Thanks for your comments, Donte. The reason I feel short sales aren't great deals for buyers are: 1) LONG response time ties the buyer up from pursuing other opportunities 2) often times disgruntled occupants are still in the property and we are now seeing contracts stating that the property conveys in as-is condition as of the date of SETTLEMENT - so whatever destruction the property endures, it's the buyer's tough luck 3) Here in Virginia, our settlement dates are strict times - in other words, it's not "on or about" - the settlement date IS the settlement date. Often times in a short sale situation, the buyer shows up at the settlement, loan funded, ready to sign and no seller or seller representation to be found. I've heard of some of these going 30-60 days without reason given... For these 3 reasons and I'm sure a few others, I think as you state, the REO is the place to be. Thanks for reading! Jennifer Thanks for your comments, Donte. The reason I feel short sales aren’t great deals for buyers are:
1) LONG response time ties the buyer up from pursuing other opportunities
2) often times disgruntled occupants are still in the property and we are now seeing contracts stating that the property conveys in as-is condition as of the date of SETTLEMENT - so whatever destruction the property endures, it’s the buyer’s tough luck
3) Here in Virginia, our settlement dates are strict times - in other words, it’s not “on or about” - the settlement date IS the settlement date. Often times in a short sale situation, the buyer shows up at the settlement, loan funded, ready to sign and no seller or seller representation to be found. I’ve heard of some of these going 30-60 days without reason given…

For these 3 reasons and I’m sure a few others, I think as you state, the REO is the place to be.

Thanks for reading!
Jennifer

]]> By: Short Sale Pro http://www.thearlingtondirt.com/2008/06/02/bank-owned-vs-short-sale-whats-the-difference/#comment-405 Short Sale Pro Sun, 08 Jun 2008 00:53:41 +0000 http://www.thearlingtondirt.com/2008/06/02/bank-owned-vs-short-sale-whats-the-difference/#comment-405 I think as foreclosure rise and lenders take back more inventory, you will find that the REO's will be the big profit deals. I say this because banks will be forced to lower their prices to sell off of the houses they picked. They will be the truly motivated seller. Also one question,why do you feel like a short sale isn't representing the buyer fairly? It seems like if the buyer get the house at a price they feel is a good deal according to comps, that it would be the ideal deals for a buyer. I will wait for your response. Nice blog by the way. Donte from NC I think as foreclosure rise and lenders take back more inventory, you will find that the REO’s will be the big profit deals. I say this because banks will be forced to lower their prices to sell off of the houses they picked.

They will be the truly motivated seller.

Also one question,why do you feel like a short sale isn’t representing the buyer fairly? It seems like if the buyer get the house at a price they feel is a good deal according to comps, that it would be the ideal deals for a buyer.

I will wait for your response.

Nice blog by the way.

Donte from NC

]]> By: Susan Hilton - Texas Aggie Realtor http://www.thearlingtondirt.com/2008/06/02/bank-owned-vs-short-sale-whats-the-difference/#comment-397 Susan Hilton - Texas Aggie Realtor Wed, 04 Jun 2008 02:56:41 +0000 http://www.thearlingtondirt.com/2008/06/02/bank-owned-vs-short-sale-whats-the-difference/#comment-397 I agree - there is a big difference. In one case (the short sale) you have a decision that has to be made by a seller and a TERRIBLY OVER WORKED negotiator who may not get to your file for months. The REO property is being handled by people who know what they are doing, know what the property is worth and know what they will take AND can make a decision NOW. SELL THE REOs! I agree - there is a big difference. In one case (the short sale) you have a decision that has to be made by a seller and a TERRIBLY OVER WORKED negotiator who may not get to your file for months.

The REO property is being handled by people who know what they are doing, know what the property is worth and know what they will take AND can make a decision NOW.

SELL THE REOs!

]]> By: Jonathan Christopher http://www.thearlingtondirt.com/2008/06/02/bank-owned-vs-short-sale-whats-the-difference/#comment-396 Jonathan Christopher Tue, 03 Jun 2008 16:41:51 +0000 http://www.thearlingtondirt.com/2008/06/02/bank-owned-vs-short-sale-whats-the-difference/#comment-396 I have purchased both short sales and REOs and I have found some really good deals. I have found that I can typically get a much better discount from a short sale but it can be time consuming. Either way there are great deals out there for interested buyers. <a href="http://www.shortsaleway.com" rel="nofollow">Jonathan Christopher of Short Sale Way</a> I have purchased both short sales and REOs and I have found some really good deals. I have found that I can typically get a much better discount from a short sale but it can be time consuming. Either way there are great deals out there for interested buyers.
Jonathan Christopher of Short Sale Way

]]> By: Cyndee Haydon http://www.thearlingtondirt.com/2008/06/02/bank-owned-vs-short-sale-whats-the-difference/#comment-392 Cyndee Haydon Mon, 02 Jun 2008 16:45:59 +0000 http://www.thearlingtondirt.com/2008/06/02/bank-owned-vs-short-sale-whats-the-difference/#comment-392 Jennifer - great post on explaining the difference and the pictures really help prepare those buyers wanting foreclosures they are likely to see. Jennifer - great post on explaining the difference and the pictures really help prepare those buyers wanting foreclosures they are likely to see.

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