Today I showed a few homes that were short sales. With the mortgage crisis that we are going through, it seems we see more and more short sales and foreclosures on the market every day.
So what is a short sale?
You can find the definition of a short sale here:
http://www.inmanwiki.com/Real-Estate/Short_sale
Short sales occur before the home falls into foreclosure. The lender is willing to do the short sale because they can avoid costly fees that fall into their hands when they have a foreclosure to deal with.
Because of dealing with the lender to negotiate and some red tape, sometimes short sales can be a bit of a headache. But in the end, there are some true deals out there to be had. If you are willing to do the extra work, you could quite possibly get a wonderful deal.
Always remember, that whether you are buying your first house or the house that you will retire in, all home owners are investors. The better deal you get, the better your investment.
The bottom line? Now is the time to buy. Whether it be a short sale, a foreclosure or just a home on the market due to the homeowners transferring jobs, you are quite likely to get a wonderful deal.
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