| Thursday, 01 October 2009 23:02 |
Don't Fall into the Foreclosure TrapMyth: To get the best deal in the current market, buyers must find a short sale or a foreclosure.
Reality: In reality, foreclosures and short sales have driven the cost of conventional properties down, so it is often better to look for a good conventional home than searching for that "steal" that may not exist. Some of the foreclosed properties may have been stripped of many materials of value or left in serious disrepair by a previous mortgagee. Also, financing can be difficult if too many features have been taken away from the property. Please be totally informed if you are dealing in these distressed properties. Short sales have their own unique of challenges, including no uniform application process and complicated negotiations by multiple lenders. Long wait times are typical for these types of sales, waiting for approval from the banks that may have several underlying loans. While it is possible to get good deals on distressed properties, it is up to you and your broker to determine whether that is indeed the best course of action. Choose a real estate broker who is experienced not only with short sales and foreclosures, but who has experience with the entire market in order to help you meet your objectives. Call me for advice to avoid falling into a foreclosure or short sale trap. Enjoy the beautiful fall colors, cool nights and beautiful warm days! Jim |
