Why Buy a Lender Owned Home over a Short Sale?

I just recently had a client who made an offer on a Short Sale listing and lost the sale to a loan modification.  Buyers be careful.  This could happen to you too.  We were very close to getting the Short Sale approved by Citi Bank and then the bank approached the defaulting seller and offered them a  Loan Modification.  There are a couple different plans available right now and the Loan Mod business is growing.  This may be good for the seller, but can be a real blow to the buyer, especially when they think that they have found their dream home .  Buyer’s can end up  back to square one, shopping for a home after they have been tied up waiting on the short sale approval from the bank.  If you are an investor and have time to wait, a short sale may be an option for you.  I have had investors get great deals on  short sale properties.

The lender owned homes that I have closed have gone very smoothly.  In the beginning everyone must be patient waiting on the fully executed Bank Addendum and each bank has different systems in which they process their paperwork, so patience is a must.  Once you get through the initial phase of getting fully executed docuements with all signatures, the transaction can hum right along.  I would always recommend that buyers look for Lender Owned listings rather than short sale listings especially if the sellers are still living in the property.

Click here to view bank owned lisitngs in Anthem, AZ