Archive for May, 2008

Another Happy Buyer

4109 Standish Ave.

This one went super smooth.

Unlike some other deals I have in the works right now.

There are really good deals out in the local market right now, but be careful. A great many of these homes are foreclosures and “short sales”. Although you may come to an agreement on price and terms of a sale with the owner of the property, in these cases it is all up to the bank who the seller owes money to approve the sale, which can take months.

Short sales are worse in many cases as there may be more then one lender owed, in which case they have to negotiate between each other as to who is going to take the hit. This takes forever. Neither of these corporate entities is going to be in a hurry to accept less then what is owed to them.

When entering into a deal like this it is nearly impossible to set a definite closing date, and the buyer has to wait in limbo for the lenders to accept the terms of the purchase agreement.

The lesson is: It’s always better to be dealing directly with the seller, but if it is “bank or corporate owned” be prepared to wait.

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