March 30, 2009
What's The Buzz
Hear that BUZZ? That’s everyone talking about Foreclosures & Short Sales. Here’s help that will either encourage or discourage your curiosity. I am currently involved in helping a client purchase a home that is subject to a "Short Sale" (the sellers proceeds won’t cover their mortgage & their lender must agree to forgive their balance due/short fall*). We’re in the early stages; the offer has been accepted by the seller, next the listing agent contacts the seller’s lender, while we wait & wait & perhaps wait some more. You never know how long the process will take. You play the game by the bank’s rules at their pace. If you need a home within a specific time frame these transactions are probably not for you. However, if you have the time & patience, they are tremendous values.
Good & Bad News - There aren’t many distressed sales in the Lake Geneva area, compared to other parts of the country. And they’re hard to find. Our Multiple Listing Service doesn’t offer real estate agents (or the public) an efficient way to Search by Foreclosure or Pending Foreclosure (data entry fields for this don’t exist). What can you do? 1) Be on alert for property descriptions that use terms like "bank-owned, special addendums required, subject to short sale, lender approval needed. Or 2) Use a Foreclosure Search Site such as Search Foreclosures Here. These sites provide basic information & then offer a 7 day trial period to see specifics. Yes, at some point there will be a fee, but you can get a feel for things for free.
One last point for today, a Short Sale happens BEFORE the bank owns the property. A true Foreclosure is ALREADY bank-owned - the lending instuituion has completed the legal foreclosure process & now holds title to the property. That process can be time consuming & costly for the bank, which is why many lenders are willing to agree to Short Sales. Clear as mud? Most important to you is BOTH are buying opportunities.
Read a great FAQ article on this topic by clicking here.
**I’ll keep you posted on our progress. My real but anonymous buyer is a past customer & a great guy, I know him well, but he moves fast. I warned him upfront that this would be a different experience, but with patience we should get it done.
If you have questions, or need help buying or selling in the Lake Area please call or email me at MHammett@KeefeRealEstate.com or 262-949-6910.
Posted By: 
Marcy Hammett
Tagged With:
bank owned homes,
foreclosures,
lake geneva
and short sales
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