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A question I seem to get quite a bit these days from my clients is ” What is the difference between short sales and REO’s?” I then , usually, go into a whole explanation of the pro’s and con’s of each, and end up telling them that REO’s are superior in every way. I have a couple of dealings over the past couple of months that really bring this point home.

For over a year now, I have had the pleasure of dealing with a wonderful family. They in North Hollywood, and have been searching for their perfect house in this area for quite awhile now. The first few times we looked around, we didn’t find anything that would have benefited their situation. The family had decided to take about a year, waiting for prices to drop, before they wanted to search again.

Finally, a few months ago I took them out again, and we found a cabin that was exactly what they were looking. The scenery of Oak Trees and the spic and span cabin was definitely a plus. The cabin was priced at $149,000, but still a steal of a deal. The only problem I had anticipated we would have, was that the cabin was listed as a short sale. Even after explaining to the family the complications and time that can come along with a short sale, they loved the cabin so much they didn’t want to give it up.

Over a month into the process, and we still hadn’t heard a response back. It was around this time that I had come to the conclusion that the selling agent hadn’t done his part in filing the short sale paperwork. I informed my clients that the only option we had now was to wait until the bank responded. The selling agent contacted me over a month later to inform me that the bank had snatched this property from him, and didn’t respond to our offer.

I hope I can reach the point where I never have to deal with a short sale again. But I will keep you postedon all of this…

Submitted by: M. Strahg has much experience shopping a Big Bear, CA foreclosure and Big Bear realty overall. Read more of her articles on the web.

categories: big bear,luxury homes,resort homes,vacation homes,new homes,home buying,home for sale,house for sale,single family homes,property,property listings,real estate

It is very important that your Realtor knows the vast difference between a REO, a bank owned property, and a normal listing. If your Realtor isn’t aware of the differences between the two, you could end up losing your money, or worse yet, the property you desired to purchase. Let me explain how this could happen.

Banks hold all the cards in a bank owned transaction. They don’t have disclosure requirements and set all the rules. They usually make the buyer sign an addendum that basically takes away most of the buyers protections and puts the ball squarely in the banks court.

They set out a timeline you, as a buyer, have to meet or face the consequences. While they don’t have to deliver anything until they feel like it. For instance, I have a bank owned property in escrow right now that I got approval on almost a month ago. Guess what? The bank didn’t open escrow until three weeks into the 30 day time period.

We didn’t even receive a copy of the contract or addendum until we were already three weeks in. It just so happens that the addendum we had signed way back at the beginning of the process had a clause that we pay $100 per day per diem for every day that went past the first thirty days.

Then they did nothing on time to make it possible for us to make the deadline. As many of you know, the majority of short sales do not close successfully. This is usually due to the listing agent not knowing how to do them, but taking the listing anyways. If the listing agent doesn’t put in all the work ahead of time, a short sale is a nightmare. REO’s can be the same. In this case, the listing agent assured me that he had done all the footwork and the bank was ready to move.

Article submitter A. Fulton knows all about shopping Big Bear, CA foreclosures and Big Bear, CA houses overall. Check out his other posts online.

categories: big bear,bank owned property,reo,luxury homes,resort homes,vacation homes,new homes,home buying,home for sale,house for sale,single family homes,property,property listings,real estate

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