This is the final part of this series. I will be moving on to bigger and better things in the near future 
I would like to focus on what you should expect from the banks after you have procured an offer on one of their properties.
Short Sale
The bank has not fully negotiated with the seller on their property. Once an offer is received the bank begins to start the process. This process can take anywhere from 30-180 days. During this time period the bank has the option to accept other offers for your offer is not fully approved. The listing agent in may cases will keep the property active.
Quite a chance you will take on one of these properties of ever seeing it through closing. You would be smart to continue looking for other properties and you just might find one with a more “normal” process.
The only advantage to purchasing a short sale is that most agents and buyers have given up on these, so you may be the only offer in many cases.
Bank-Owned
A much better and cleaner process. The bank has already foreclosed on the property and has hired an agent to get it into escrow. The response time is much quicker, usually withing 24-48 hours upon delivery of your offer. They already have a bottom line and are pretty clear cut on accepting or not accepting your offer.
What you must have with both these offers is “patience”. The banks have many properties, have specific guidelines and time frames they follow. It can take them up to a week to just initial and sign something.
Expect the closing to not be on time unless you give them more than 60 days. It is usually well worth the “headaches” for you are getting a great deal.
I will be addressing the market and the specific facts and statistics that are occurring in this market monthly.
You can expect a very “real time” set of statistics in my future blogs.
RESOURCES:
Part 1 of the Short Sale and Bank Owned Series
Part 2 of the Short Sale and Bank Owned Series
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