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20080926
Home Buying Lingo and Euphemsims
I was recently asked by someone starting the home buying process how to tell if a listing was a foreclosure from the description. Good question!
However our local Board of REALTORs doesn't have a specific flag or descriptor that signals a property is a foreclosure. But it is now done in some other boards and it may be coming.
For now, the best bet is to look for phrases in the description like these:
Bank Owned.
Listing office to hold EMD (Earnest Money Deposit)
Bank addendums required
Required seller documentation
Bank addendum overrides local contract
Our professional association published a report that details these phrases along with the "sister" of the foreclosure, the dreaded "short sale".
The report is available as a free pdf download here.
However our local Board of REALTORs doesn't have a specific flag or descriptor that signals a property is a foreclosure. But it is now done in some other boards and it may be coming.
For now, the best bet is to look for phrases in the description like these:
Bank Owned.
Listing office to hold EMD (Earnest Money Deposit)
Bank addendums required
Required seller documentation
Bank addendum overrides local contract
Our professional association published a report that details these phrases along with the "sister" of the foreclosure, the dreaded "short sale".
The report is available as a free pdf download here.
Labels: ann arbor foreclosures
20080107
News article to share with sellers during negotiation
Area foreclosures have jumped about 90% last year, and some economists predict there will be more this year.
This is critical information to include in your negotiations if you make an offer on a home this next month.
Especcially if your seller is out of the area.
Contact us if you are interested in other important negotiating tools when you buy a home. (Most of which you will never hear about from designated/dual type buyer agents.)
This is critical information to include in your negotiations if you make an offer on a home this next month.
Especcially if your seller is out of the area.
Contact us if you are interested in other important negotiating tools when you buy a home. (Most of which you will never hear about from designated/dual type buyer agents.)
Labels: ann arbor foreclosures, ann arbor news, ann arbor real estate
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