In the world of Real Estate something that can be very confusing to any home buyer are the words: “pre-approved short sale” because, many Realtor’s and sellers often will have different definitions on what this term means and for the buyer it can make the short sale process very confusing.
Pre-Approved or Not?
No, short sales are never pre-approved because; the seller must meet criteria for them to even be approved for a short sale including the following:
- Their mortgage is underwater.
- They homeowner has fallen on hard financial times (example: job loss, divorce or death of primary income earner).
- Any 3rd mortgages or IRS liens on the property must first be paid off before the short sale is approved.
Most short sales these days can 30 days or longer, depending up on lender so any home buyer who is serious about a short sale in Bend should be prepared to wait until learning that their offer on a short sale has been approved or denied.
Don’t Get Emotionally Attached To the Short Sale
Every buyer who plans on purchasing a Bend Oregon short sale should never get emotionally involved, or fall in love with the home because, if their offer on the short sale is rejected, it will be harder for them to negotiate another price without potentially overpaying for the short sale.
The Next Step
Once the buyers offer has been approved they should make sure that they have a contract which states that all current occupants of the home will vacate the home and they will take their possessions with them when they move.
To learn more about short sales, or to view the latest homes for sale in Bend, contact me today by calling me at (541) 383-1426.