Short Sales - 4 Reasons Why Short Sales are better than Buying Bank Owned Properties (REO's)

Short Sales - 4 Reasons Why they are better than Buying Bank Owned Properties (REO's)

1. Short sales are sold by the current owner not the bank - Bank owned properties are often a mystery as they are sold without disclosures. You never quite know what you are getting and have to rely solely on an inspection to determine the condition of a home.
2. Short Sales can be a better value- Often times it may take longer to get an approval from a lender but if you are dealing with an experienced short sale specialist (the listing agent) you can often get a property for less than it would sell for as a REO property. Remember banks don't want to take back a home, they just want to get their money.
3. Short Sales can often be purchased with less competition- Often time buyers will avoid short sales due to misconceptions about the process. For those who understand the process and are willing to wait out the process, a short sale can be a great way to get into a home for less. Once a home is on the market as an REO property the buyer may come out of the woodwork creating a bidding war on well priced homes.
4. Short Sales are better for the Homeowner - If a homeowner is loosing a home to foreclosure one way or another, a short sale is often better for their credit rating than simply walking away. The Sellers I help are grateful for many reasons when we complete a short sale. You are not hurting them...you are actually helping them so don't feel like you are taking advantage.