Arizona Short Sales and REO's

Purchasing a Short Sale or REO (Foreclosed Property) can sometimes allow a buyer to get a better ”Deal” than having purchased a home from a private seller. But there are many steps, possible issues and much more time involved to obtain that “better deal.” When purchasing a REO property, the following steps do occur, and should factor into your thoughts and process.

I am a CSSN (Certified Short Sale Negotiator) designated Broker. I negotiate and close numerous Short Sales Monthly lenders on First & 2nd mortgages, liens, etc. I know how to get Short Sales done!

1. Once you make an offer to purchase, banks generally present a "counter-offer." It may be at a higher price than you expect, but they have to demonstrate to investors, shareholders and auditors that they attempted to get the highest price possible. You should plan to counter the counter-offer. Your offer or counter-offer will probably have to be reviewed and approved by several individuals and companies. Even once an offer is accepted, the bank may insert wording like “. Subject to corporate approval with 5 days."
2. Your offer should include an inspection contingency period that allows you to terminate the sale if the inspections reveal unanticipated damages that the bank will not correct. Remember that most REO homes are sold “As-Is.” Even though you agreed to “As-Is," always give the bank another opportunity to make repairs or give you a credit after you’ve completed your inspections. Sometimes they’ll re-negotiate to save the transaction instead of putting the property back on the market, but don’t take it for granted. Also, most banks will not provide financing on their REOs but it doesn’t hurt to ask. Especially if the property has extensive damage and you are purchasing it "as is."
3. These things take time to process through the bank. Short sales can take at a minimum 4-8 weeks. Always make sure you have a contingency in your offer to revoke it at any time prior to the banks approval.
4. Have a back up. The “good deals” usually create multiple offers. Keep looking and have a back up ready, especially if you must have a home by a certain time.

Experienced Short Sale Agents

Short sales can be even more complicated. Short sales occur when the bank is willing to take a smaller pay off on their loans for a property. This usually occurs because an owner can no longer afford the property and the lender would prefer to unload the property without going through the expensive and timely process of foreclosing and adding an additional REO property to their books. These short sales require experienced agents who can handle and are familiar with the banks, their processes and the required documentation to “push” a short sale through the banks system.

As you can see, Short Sales & REO’s require a skilled, educated and resourceful agent. I, Jason Kush, as the owner and designated broker have taken the classes, done the training and have had the real life experiences to earn the CERTIFIED SHORT SALE NEGOTIATOR designation. A designation signifying that I have the skills and knowledge to help you get your short sale completed. At J.P. Kush & Associates, we are the Agent’s for all of your short sale and REO needs!!!

Short Sale Tips

• Patience!!!!!! Short sales take time.
• Due Diligence – Inspect, Research, Inspect!
• Seller = You need someone familiar with the banks and their processes!
• Buyer = You need someone familiar with the banks and their processes!
• Great deals go fast! Time is of the essence.
• Most Short Sales & REO’s require repair work!
• Research, pull the comps, factor in repairs. MAKE INFORMED DECISIONS!

IMPORTANT NOTICE: J.P. Kush & Associates, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could loose your home and damage your credit rating."