Short sales and foreclosures currently account for about 20% of the Raleigh real estate market.
You need to work with an experienced real estate agent when you are buying or selling a home that is a short sale. As part of the transaction, banks can lay out rules you need to follow as a buyer to complete the sale. You can jeopardize the sale if you stray from terms they set forth, even if your actions were unintended.
As a seller, you need to have an agent representing you that understands what to expect from the bank and is efficient in communicating the terms from the bank to the buyer and the buyer’s agent.
An article directed at real estate agents called Stick to the Terms on Realtor.org explains that “If you or your clients fail to adhere to the terms—even unintentionally—not only will you be putting the sale into jeopardy but you could also face civil or criminal actions. In fact, you could even be liable if you know that your client is skirting the rules but you don’t do anything about it. Here’s a look at the four lender conditions that tend to be the most problematic for real estate practitioners and their clients.”
- Limit on earned commission
- The buyer must be an owner-occupant
- The purchase price must be best and highest
- Proceeds received by seller
Send me an e-mail If you are interested in shopping for a home and seeking out a short sale or are struggling to keep your home. We can schedule a consultation to get started.