Short Sales: Are they for you? Maybe not...
Yes, there are short sales available all over the place but there are also 'good deals' which buyers should explore. I tell my buyers all the time not to get so focused on the short sale that they miss the plain old good deal. Short sales take time and the banks can be less than cooperative, leaving the buyer with a "NO deal" for an answer after several months and opportunities lost. There are inherent risks that buyers do not face when negotiating directly with the seller. The good deals are better suited for buyers who want to lock in a good price without much delay or red tape. If you don't consider yourself to be patient, the short sale route is not the way to go.
Keep in mind short sales happen when the bank (and seller) agree to allow the buyer to purchase a property for less than what is owed on the mortgage. If an owner has taken equity out of a property then the mortgage on file may not reflect what is actually owed. It takes homework, a great Realtor (which is where I come in), cooperation, savvy lawyers, time and hard work. "Patience of steel" is a necessary trait for anyone considering a short sale.
A 'good deal' can be secured via a relatively simple transaction negotiated by that same, hard working Realtor (again, that's where I come in) and the buyer and seller. I have closed a number of short sales but my success rate in negotiating the purchase of 'good deals' spans many years! Take your time in checking out both the short sale opportunities and good deals and give serious consideration of the tradeoff that is involved in each.
Our market is BRIMMING with excellent opportunites and if I can help you secure one of these properties for you, please give me a call! I'd love to hear from you.