Puffer Team Short Sale Listings

Remember last week when we discussed the short sale process here? We now have two more short sales on the market ready for the right buyer:

15 Grove Garden Avenue; Asheville, NC 288806 

(click on the address for more information)

 29 Cedar Hill Circle; Asheville, NC  28806

(click on the address for details) 

Interested in scheduling an appointment for one of these homes, give our Buyer Specialists at The Puffer Team a call, 828-771-2300, or contact us online at www.homefinderasheville.com.

So You Want To Buy A Short Sale?

There are a lot of opportunities to get a great deal on a new home right now; interest rates are incredibly low, foreclosures are still abundant...and then there are short sales.

Definition of a Short Sale, courtesy of CDPE:

• A homeowner is 'short' when the amount owed on his/her property is higher than current market value.
• A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.

If you are a buyer looking to purchase a short sale, know that it can take 3-6 months to get a deal closed, in most cases; if you're dealing with a local lender sometimes it's much quicker.

Here is the typical process for a short sale:

• Bank acknowledges receipt of the file. This can take 10 days to a month.
• A negotiator is assigned. This can take 30 to 60 days.
• A BPO (Broker Price Opinion) is ordered. The bank probably will refuse to share the results of the BPO.
• A second negotiator may be assigned. This can take another 30 days.
• The file is sent for review or to the PSA. This can take 2 weeks to 30 days.
• The bank may then request that all parties sign an Arm's-Length Affidavit.
• The bank issues a short sale approval letter.

Sold for $160,000

The Puffer Team has handled numerous short sales over the years.  Our most recent short sale, from offer to closing, took approximately 4 months, thankfully we found a buyer who wanted the home bad enough that he was willing to wait out the process.  In most cases a short sale will run through three or more buyers before it closes as buyers get frustrated and walk away.

If you're a buyer with patience, and willing to wait out the process, a short sale may be a better option for you than a foreclosure.  Most short sale properties are lived in and maintained, and while sometimes in slight disrepair, they are usually move-in ready.

Are you interested in learning more about buying short sales?  Give The Puffer Team a call today, 828-771-2300; click here for a list of short sales in the Asheville area.