We in Cooper City as well as in all of Broward County have four different types of home sellers Let me spell them out:

The unapproved short sale

The approved short sale

The retail listing

The REO ( Bank owned)

What are they and what are their consequences for the home buyer?

 The unapproved short sale refers to a seller who owes more than the home is worth. They want to avoid foreclosure, but there has been little, if any communication with the bank to determine if the bank will accept less than what is owed. The process to get approval has been decreasing partly because of HAFA, but may still take weeks to months to get an answer and an offer is not guaranteed to be accepted.

If you want to deal with a short sale, you are most likely to have a positive outcome if you use a Realtor who is a CDPE ( Certified Distressed Property Expert) . I am and I can help.

There are certain restrictions for a short sale, Please call me to discuss.

The approved short sale means the bank for the current seller has already reviewed the documentation of the owner and the circumstances and has agreed on a sales price for the home. Usually this occurs after another buyer has given up. Usually an answer to an offer comes within three weeks.

Again, I have contacts with most lenders and can get an answer quick. Call me.

The retail listing is what was called “normal” in the past but now represents less than 50% of the sales in most areas. It is a typical seller who has one of the following reasons to sell: reduction in income, increase in income, marriage, divorce, death,relocation, larger family size, smaller family size. Although these may be present in short sales, these owners are motivated primarily by these reasons, not being behind on their mortgage.

There are an increasing number of investor purchased properties now being refurbished and put back on the market in this category.

Finally, the REO or bank owned homes. They have been taken back by the lenders in a foreclosure proceeding. The banks do not want to own homes so they sell them at a discount. Be aware that most foreclosures sell for at above listing price.