Short Sales - What's the Upside?

About one month ago, I saw a property in my market area listed as a "short sale" for about $70,000 under the last sale. I couldn't believe my eyes and decided to call everyone I knew who may have an interest. Although several buyers wanted to bite, they just could not bring themselves to write a realistic offer. Eventually, one of my very best customers flew in, took a look and said, "write an offer". The property closed pretty quickly and for $95,000 below the previous sale. Granted, it was not as updated but had a better view and needs minimal work to bring it up to today's standards.

Today, curious for more information, I attended a seminar given by a local atrtorney and I find myself thinking that there is an upside to this process. It provides a way to prevent foreclosure, it saves the owner's from ruining their credit, offers buyers an opportunity to purchase below market and takes one more unit out of inventory. Not to mention the lenders have a way to liquidate a property and prevent the costly process of foreclosure. Is it the perfect solution? No. But it's a pretty darn good alternative.

If you are in the market for a good buy, have time to wait for bank approval of your contract, are willing to take a property as is and can pay cash, you are a perfect candidate to buy a short sale.

If you find you have given it your all and cannot get out from under the increasing debt that is resulting from trying to make your mortgage payments, you are the perfect candidate to sell via a short sale.

Not all agents are educated or experienced with this process. Call me if you have an interest in pursuing this avenue.

Visit my website: www.barbarajmorley.com