Parker Homes For Sale - Parker Short Sales May Be An Option
The last couple of years have seen a rise in foreclosures yet Parker homes for sale have held their value fairly well
. However, as with any area in the metro Denver market, there are still homes that are being foreclosed on. These homes can be purchased both "pre" and "post" foreclosure, but you have to educate yourself on the differences between foreclosed homes and Parker Short Sales.
When a buyer purchases a house and uses a mortgage as part of the payment, the buyer is agreeing to make monthly payments to the lender or the purchaser will lose the home. If a buyer fails to make these payments, the lender can begin foreclosure proceedings and take possession of the house. Once the lender takes possession of the house (a series of legal steps that can go on for several months) the lender will then list the home for sale on the market as a foreclosure.
Parker foreclosures usually to sell for roughly 15%-30% below average market value and typically have some repairs that that are needed to make the property livable. These repairs can vary widely depending on the individual house, and these repairs will impact the sales price of the house accordingly.
Parker short sales, on the other hand, are properties that are owned by individual sellers who owe more to the lender than the home is worth. These homeowners are often, but not always, late on their mortgage payments and the threat of foreclosure looms.
The foreclosure process is lengthy and expensive for lenders (attorney and other legal fees add up fast), many times lenders will accept less than the full mortgage amount from a homeowner to payoff the mortgage. While the short sale process can be time consuming as well, banks usually prefer having the property occupied and kept up by a homeowner rather than sitting empty while the property is on the market.
When a homeowner lists a property as a short sale, their real estate agent starts negotiating with their lender to get approval for a short payoff. For most Parker short sales, we are seeing a three to five month wait before we receive an approval from the lender. Because of this delay, many buyers searching for Parker homes for sale, are avoiding Parker short sales. Three to five months is a long time to wait for an approval on a home. However, for homebuyers able to wait, many times they can get a fantastic deal on a property.
There are many important items to keep in mind when you are dealing with Parker short sales both as a buyer and as a seller:
Buyers:
1.) Don't ignore short sales as you search for Parker homes for sale. We've seen some homebuyers that were not considering buying a short sale who ended up purchasing a home that was near completion of the approval process. They closed in the timeframe they needed and got a terrific deal.
2.) Don't stop looking at homes on the market after you've submitted a short sale contract. Many times lenders don't accept the first offer they receive on a short sale. You should keep searching for homes until your offer is accepted.
3.) Be prepared to say no. Some lenders are not realistic when they receive their initial short sale offer. Don't be afraid to to tell them no and start your search over.
Sellers:
1.) Make certain that you are aware of your lender's policy on the deficiency amount. Many lenders are pursuing sellers after the sale of the property in an attempt to collect the difference between what was owed and what was paid. Make certain you have an experience real estate agent to help you manage this entire process.
2.) Be prepared to wait and be patient. Understand that most homebuyers need to close on a home within 30 to 45 days. Waiting for several months for a decision from the lender can disqualify your property as an option for these homebuyers.
3.) Don't give up if a buyer walks away in the middle of the short sale process. Some of our Parker short sales have had 2 to 4 buyers write offers during the lender's approval process. However, we kept moving ahead with the lender and our sellers were able to get their home sold.
by: Brian Petrelli
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