Redfin Real Estate Owned and Short Sale Tips

The other day I attended a Redfin Short Sale seminar at Sharky’s Woodfired Mexican Grill. The tacos were delicious, but the high energy, informative overview of real estate owned (REO) properties and short sales was even more valuable.

Bank Approved Advantage

I learned going through the short sale process can be an emotional roller coaster. To lessen the volatility and time, one should focus on bank approved short sales. Since the bank has already agreed to the listing price, in theory, the time to process will be shortened. As usual, do your due diligence on every property you are interested in.

Bid Listing Price With Discount

The other insightful takeaway is how to make the most efficient bid for everyone involved. For example, if you were interested in a $305,000 home, rather than bid $300,000, you should bid $305,000 and add a discount/refund at the end of the deal. You still get what you want, but the seller also gets his listing price, not one that is $5000 less than listed. Sounds like semantics, but if you want things to move along smoother, you have to learn the special rules of the game.

Final Thoughts

Special thanks to Jenn and Corina of Redfin for giving great presentations. I now feel more comfortable and confident dealing with REO’s and short sales.

For more information, visit Redfin today.

Stay Inspired!
Buck

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2 Responses

  1. You make a good point on the bid. My wife is a realtor and has made some bids on bank owned property in the past. They submit the bid and then detail the estimated expenses to fix up the property in order to come up with the final offer and always have a contingency upon inspection.

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