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 ...Unlock Your Potential
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| BUYING A HOME 101 con't |
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- What is a Short Sale / Pre Foreclosure / Foreclosure
A “Short sale” is a real estate transaction in which the sales price is insufficient to pay the loans(s) encumbering the property, in addition to the costs of sale, and the seller is unable to pay the difference. The approval of the seller’s lender(s) is required for the sale to proceed.
A “Pre Foreclosure” is a home that is nearing, and likely, to be Foreclosed by the owner; which typically will be the bank.
“Foreclosure”, is the legal process by which a lender or creditor exercises its legal rights to sell the property which was security for its loan at public auction and the owner's rights are terminated. Bank Owned Properties are those properties where the property was acquired by the former owner's lender after such an auction.
“Short sales” and bank owned properties, though known to be complicated in processes, can potentially be a great investment. With these types of properties, you may encounter the risk of extended time for close of escrow (typically 4-6 months) and many more approvals in comparison to a traditional sale.
New Home Market
These types of homes are self explanatory. Essentially, you are buying a new home with a select homebuilder. Examples of New Home Builders would be Beazer Homes, Richmond American Homes, KB Home, Pulte Homes, to name a few.
Q: Why would I need to be represented by REALTOR® in this scenario?
A: Real Estate Agents located at the homebuilder’s site represent the interest of the homebuilder. Using a REALTOR® in this scenario is to have someone to represent your interests as a buyer.
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