Foreclosures and Short Sales 101

It’s easy to think that banks and lenders are giving these properties away due to our current economic situation; they’re not.  In fact, the bank has all the time in the world to pick a qualified buyer for a distressed property.  In this market, lenders look at first the strength of the buyer, how fast they can close, then the price.  Buyers looking to buy distressed properties need to be decisive when these homes come up for sale.
Here are some tips:

1. Get Pre-Qualified - The lender wants to see if you can buy it (they don’t want it back again).
2. Be Decisive - There is no emotion when buying a distressed property comes in to play.
3. Distressed Homes Can Be...Well, “Distressed.” - Put your rose-colored glasses on, very often these homes need work.
4. Get Ready For Real Estate Psychological Games - Some listings will be sold immediately upon listing, some will be listed low to generate a bidding war (works every time), some will be under contract but still show as available, and some lenders simply will not negotiate until they get their price.
5. Work with Professionals - Work with a skilled buyer’s agent and a reputable lender.  A professional agent will guide you through the intricacies of a real estate transaction in order to structure the right deal to protect your interest. 

Since 2003, the Cherniss Group has been an expert in Westside real estate.  We have:

• Established relationships with REO Asset Managers and Agents
• Continual monitoring and forecasting of the Westside market
• Perform appraisals (BPOs) on distressed inventory
• Extensive experience with qualified lenders and attorneys. 
• Successful and verifiable track record in helping buyers and sellers.