Purchasing a new home is a exciting experience. You may be unaware of some dramatic changes if you’ve been out of the Bedford real estate market for some time. This hold true if you buying a home in Bedford County or the City of Bedford.
There are some unique situations which Bedford home buyers should be aware of as they prepare to consider the purchase of a new home.
GOOD NEWS…
Bedford has many great homes from which you can select the perfect home for you. Bedford inventory of homes for sale in high right now. And mortgage rates are still near record lows! Homebuyers can still get a lot of bang for their buck!
HOW THINGS HAVE CHANGED…
Bedford REALTORS can search the MLS and find many great homes. The Witt-Fogleman team can show you any home that is currently for sale and they know which ones are by keeping up to date by working with the Lynchburg MLS and the Roanoke MLS. We are members of both the the Lynchburg and Roanoke MLS which gives us insight into all aspects of the market. Many agents only join the Lynchburg MLS or the Roanoke MLS, therefore many REALTORS who visit Bedford only see half the listings. There are several homes for sale that are listed as a ‘Short Sale’.
If you’re a brand new home buyer in Bedford or recently re-entering the Bedford market, this may prove perplexing and you may wonder…What is a Short Sale?
SHORT SALES IN BRIEF…
A Bedford Short Sale can be defined as the sale of a home priced below the mortgage balance owed on the home. (after costs associated with the home sale are paid). Basically, the bank is agreeing to sell the house for less that what is owed and they are taking a loss. As you can imagine, it may take some time for a bank to agree to take a loss on a Bedford Home.
WHAT DOES THIS MEANS FOR YOU…
Well, it depends.
On the most basic level, this means that in order to become the new owner of this home, you will have to complete a successful negotiation with the owner (s) of the mortgage note to purchase the home to allow the ownership to be transferred to you for less than the current owner owes.
FOR STARTERS…
It means that you should be prepared to be very patient and persistent if you truly want this home. Bedford Short Sales are arguably among the most difficult negotiations to complete. It is not unusual for real estate agents like Wendy Witt or Scott Fogleman to negotiate for months to bring these transactions to closure.
Being prepared for the long haul will save you angst of increased blood pressure, stress and unnecessary temper tantrums. It will also be deeply appreciated by your Bedford real estate agent who will probably accure more stress than a commission will adequately compensate for.
BASIC STEPS…
Buying a Bedford home which requires the negotiation of a Short Sale will also add some additional steps to the home purchasing process. Be prepared to wait while the bank (s) reviews the home owners paperwork to determine if they will qualify the potential Home Seller and home in question for a Short Sale. You can also anticipate that a Broker Price Opinion aka Appraisal may be ordered to determine if the bank wants to entertain your offer as one reflective of the current market conditions.
Offer submissions for Bedford Short Sales may languish on someone’s desk while they sift through hundreds of files which have landed there before yours or wait to see if a better competing offer comes through. Be persistent. If you’ve done your homework and received professional consultation from your real estate expert, you should be aware of the Value of your purchase. A Short Sale negotiation done correctly can earn you your dream home with a significant amount of equity attached…no small feat in today’s market.
HIRE A PROFESSIONAL…
Bedford Short Sale negotiations are often complex transactions. It’s important to understand what is being negotiated and the implications for your credit. Witt-Fogleman your Bedford REALTORS advise you to obtain additional professional counsel which may include your tax advisor and/or attorney to determine what the best route is for your specific situation.
Although it’s not possible to cover the complexities of the Short Sale process here. Contact usinfo@wittfogleman.com to discuss the particular details of your situation. We specialize in advising clients on strategies to buy and sell property in a challenging Bedford market.
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