Daily Real Estate News  |  December 1, 2009  |   Share

How to Get the Best REO Deal
REO and short-sale properties can be money pits when offers take forever to close and vacant properties are trashed.

Here are some suggestions for expediting the deals:

• The best short-sale deals are those where the bank has pre-approved the sale price. The property may still take a long time to close, but not as long as it would otherwise.
• Buyers of a short-sale should be prepared for multiple offers. If the short-sale property is an attractive one, the lender will continue to market the property even after signing a sales contract. And if it gets a better offer, it may sell the property without giving the original buyers a chance to negotiate.
• Seek out houses in Sandy that have been on the market for a shorter time. You should find less damage to the exterior and landscaping. 
• Inspections are important. If a home has been vacant, get the property re-inspected prior to closing.
• Buyers shouldn’t focus on price alone. Homes that are in poor Salt Lake or Sandy neighborhoods, have serious maintenance issues, or have terrible floor plans aren’t bargains despite the price.
• Get support and advice from a Professional REALTOR…remember the Seller will pay their commission.
• See free listing of all foreclosures in Sandy and the greater Salt Lake City area at www.SaltLakeHomeAlerts.com

Source: Inman News, Bernice Ross (11/30/2009)