Short Sales ‘R Us…
This week I’ve been working with some buyers negotiating offers on Short Sale condo offerings in Princeville, as well as working with a listing client who is trying to get an offer approved by his lender. Our hands are tied as Realtors due to Act 137 (see more details at www.Kauai-ShortSales.com) and we have to walk a fine line to abide by the Law as it’s currently written, while trying our best to fulfill our fiduciary responsibility to our clients.
I’ve found that I have to advise my buyers that if the seller’s agent is not following the Law as it’s written, I will have to walk away from the contract and not participate in what could become an illegal transaction. Sound scary? Yes, it is! It makes me appreciate even more those agents who are making every effort to help their sellers, and still walk that line of staying within the current law.
Enough of my world – I stumbled upon some good news from Fannie Mae – imagine that! In this article posted by the Florida Association of Realtors, Fannie Mae is testing a new program where they would pre-approve a Short Sale price in the hopes of making the Short Sale process smoother, quicker and more efficient for the lenders and the sellers. I hope this works, as forcing a saleable property into foreclosure is a Lose-Lose situation. Even for the potential buyer. Short Sale values are comparable to what you would pay for an REO or bank-owned property, yet you have the Seller’s Disclosure and cooperation, as well as avoiding ugly evictions, vacant properties (see the video below) and the damages that can cause.
Following is my Buyers Video Report on a new REO listing
Buyers Report on new REO foreclosure in Kalaheo, Kauai. Located mauka (upcountry) from the highway and at the top end of the reservoir, this home offers some distinct possibilities. Contact me for more details at www.Kauai-Foreclosures.com
PS – our MLS service does not sort properties as Short Sales, Bank-Owned or REO. It takes several different searches using code only available to realtors to sort those listings. Please bookmark the following page as I update the listing report every Monday www.Kauai-ShortSales.com.