Clovis Short Sales Tips

Did you know there are 4 types of Clovis homes you can buy?  You can purchase a Clovis: (1) foreclosure, (2) short sale, (3) traditional sale, or (4) new construction home.  This article details the most often asked questions about buying a Clovis short sale.

1. How long does it take for a bank to respond to my offer?

This is the million-dollar question. While it takes an average of 3 – 6 months, the timeline – and the process – vary quite from one bank to another.  In other words, it could take a lot longer or be quicker. Short sale responses to your offer really depend on the bank.  If you don’t want to wait that long for an answer, then we suggest buying either a traditional sale (you can have an answer withing 24 hours in some cases) or a foreclosure which takes 3 to 7 days on average.

2. Will the bank make repairs to the property?

The short answer is, probably not.  Here’s why.  The bank does not have possession of the property and has no authority to make repairs on behalf of the seller.  Also, most short-sale sellers do not have the financial means to make repairs (otherwise they wouldn’t be going through a short sale).  In sum, banks require the short sale to be sold strictly “as-is” and do not allow the seller to pay for any repairs.

The good news is many short sales are in pretty good condition since the sellers often times are still living in the home.  However, you may still need to make some minor repairs which you’ll have to pay for.

3. How much do Clovis short sales cost?

That depends.  Short sales typically are priced below market value, so like Clovis foreclosures, you typically get a very good deal when you buy one.

Your Clovis Real Estate Realtor will tell you whether a Clovis short sale is a good value or not. Our Realtors are experience short sale pros and they’ll walk you through the ins-and-outs of buying a Clovis short sale.

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This entry was posted on Tuesday, March 6th, 2012 at 4:04 PM and is filed under Avoiding Foreclosure, Buyer Info, Home Buying Tips. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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