Short Sales & REOs

Short Sales.  You've heard a lot about Short Sales these days.  They are called short sales because we are asking the lender(s) to allow us to sell the property short of what is owed. More and more lenders are cooperating with short sales as a way to avert a foreclosure, especially now that the Obama administration is providing cash incentives to them and will soon streamline the short sale process. One short sale we just completed we were able to negotiate for the forgiveness of over $756,000 in debt for our seller.  That’s the difference between what was owed and the price offered by the buyers. It was the only way out for this homeowner short of foreclosure. In fact, the foreclosure deadline came several times and we got postponements everytime. 

To hear my recording “What is a Short Sale and How Can it Help Me?” call 800-488-1238 ext 1001  (It’s a four minute recording).

REOs.  These properties are owned by the lenders.  They have already been foreclosed on.  When we sell these properties we are working for the lender's asset manager to market and dispose of these assets.  This is where  we really shine because the asset managers put a lot of faith in our ability to value the property correctly, manage the listing, market the property, get it sold, keep it clean, make repairs, change locks and to keep it safe until it is sold.