Foreclosures,v.s.,Short,Sales, business, insurance Foreclosures v.s. Short Sales in Las Vegas

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Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable{mso-style-name:"Table Normal";mso-tstyle-rowband-size:0;mso-tstyle-colband-size:0;mso-style-noshow:yes;mso-style-priority:99;mso-style-qformat:yes;mso-style-parent:"";mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-para-margin-top:0in;mso-para-margin-right:0in;mso-para-margin-bottom:10.0pt;mso-para-margin-left:0in;line-height:115%;mso-pagination:widow-orphan;font-size:11.0pt;font-family:"Calibri","sans-serif";mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;}BankOwned Property (REO) REO standsfor “Real Estate Owned”.  These are properties that have gone throughforeclosure and are now owned by the bank or mortgage company. The REOproperty did not find a buyer during foreclosure auction.  The bank nowowns it.  The bank will see to the removal of tax liens, evict occupantsif needed and generally prepare for the issuance of a title insurance policy tothe buyer at closing.  Do be aware that REO’s may be exempt from normaldisclosure requirements.  It’s commonlyassumed that any REO must be a bargain and an opportunity for easy money. This simply isn’t true.  You have to be very careful about buying a REO ifyour intent is to make money off of it.  While it’s true that the bank istypically anxious to sell it quickly, they are also strongly motivated to getas much as they can for it.  When considering the value of a REO, you needto look closely at comparable sales in the neighborhood and be sure to take intoaccount the time and cost of any repairs or remodeling needed to prepare thehouse for resale. We are seeing more & more multiple offerson homes, sometimes as many as 10-20offers. Stuart Shienfeld, a local realtor says, “The homes that havevery little repair or upgrade work are flying off the shelves”.  Most bankshave a REO department that you’ll work with in buying a REO property fromthem.  Typically the REO department will use a listing agent to get theirREO properties listed on the local MLS.  Before making your offer, you’llwant to contact either the listing agent or REO department at the bank and findout as much as you can about what they know about the condition of the propertyand what their process is for receiving offers.  Since banks almost alwayssell REO properties “as is”, you’ll want to be sure and include an inspectioncontingency in your offer that gives you time to check for hidden damage andterminate the offer if you find it.  The banks usually give you 7-10 daysto do this Stuart Sheinfeld says.  Aswith making any offer on real estate, you’ll need to include documentation ofyour ability to pay, such as a pre-approval letter from a lender or a proof offunds if its a cash offer.  After you’ve made your offer, you can expectthe bank to make a counter offer.  Then it will be up to you to decidewhether to accept their counter, or offer a counter to the counter offer. Realize, you’ll be dealing with a process that probably involves multiplepeople at the bank, and they don’t work evenings or weekends.  It’s notunusual for the process of offers and counter offers to take days or evenweeks. Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable{mso-style-name:"Table Normal";mso-tstyle-rowband-size:0;mso-tstyle-colband-size:0;mso-style-noshow:yes;mso-style-priority:99;mso-style-qformat:yes;mso-style-parent:"";mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-para-margin-top:0in;mso-para-margin-right:0in;mso-para-margin-bottom:10.0pt;mso-para-margin-left:0in;line-height:115%;mso-pagination:widow-orphan;font-size:11.0pt;font-family:"Calibri","sans-serif";mso-ascii-font-family:Calibri;mso-ascii-theme-font:minor-latin;mso-fareast-font-family:"Times New Roman";mso-fareast-theme-font:minor-fareast;mso-hansi-font-family:Calibri;mso-hansi-theme-font:minor-latin;}Short SalesThe good news for short sales is that the seller doesn’tcare what they sell for.  They will, or at least should, take whatever thebank will approve.  It is common for the owner of a short sale tostill be living in the home, which can be a good thing.  The plants maystill be green, the pool blue, and the home maintained.  Not all shortsales are like this, but some are.  The seller will have to disclose anycurrent or previous problems with the home.  A bank property will notprovide this. But you still my need to sign a NRS 113 Waiver.The bad news on short sales is the wait.  It can take aminimum of 2 months, usually longer, rarely shorter, to receive a response fromthe bank. Shienfeld says, “Due to this wait, I strongly recommend that buyer’sdon’t fall in love with a short sale.”  Just put in your offer andcontinue to look at other homes.  If the bank responds before you havefound something else, great!  If not, you can just rescind your offer atno cost.  The other bad news about short sales is that the bank may notaccept the price you offered and it could be thousands more.  Last but not least, if you are moving out ofyour home you are selling, it can be hard to time/coordinate a move out of yourold home into the new home.  You’ll probably have to rent in the interim.Finally, sales are at record levels in Las Vegas. The cityhas a lot to offer from entertainment to food to outdoor activities. You caneasily purchase a home for less than $150K and have a mortgage for less thanrent would be. Many LasVegas First-Time Home Buyers are realizing their dream of home ownership withthe help of Foreclosures.  Why not you?