Friday, December 14, 2012

Short Sales

Short sales are horrible for sellers, but perfect for buyers. Buyers are able to get very nice homes at what is often a significantly reduced price, and with a little bit of love and labor in upgrades while allowing the market to bounce back, can often find themselves sitting on a nice investment worth much more than the price they paid. It's disgruntling to sellers that they must sell their home at a significant loss. They typically don't hold any ill will toward the buyers, it isn't their fault the market crashed in their area, it's just a difficult loss to swallow. For buyers, getting a nice home in a nice area at such a spectacular price, is a great investment.
We are still dealing with the sale of our previous home in Oklahoma. We are fortunate as sellers, that it hasn't turned into a short sale situation, but it has gotten very close. We had just had our home appraised about 18 months before we found out we were moving. When the listing agent did comps in the area, we were shocked to see that dozens of our neighbors had gone into foreclosure or short sale in that time. Homes were suddenly selling for 30% or more, below their previous value. Because the neighborhood is in a desirable school district and close to shopping, hospitals, highways, and many large employers, the homes sold quickly and the buyers got a phenomenal deal. Once those in financial trouble have moved on, the value of those homes is sure to rebound, and possibly be worth more than they were before. There are military families in the neighborhood, and a few others in situations such as ours, where we were relocated by an employer, who have little choice but to sell at a significant reduction. There isn't anything wrong with the home (that we know of!), but we can't afford to keep up two house payments on the thought that *one day* we might be transferred back, or to wait on the value to rebound. We had to cut our loss and move on.
If you are looking for a home to purchase, check out vegas short sales to see if you can get a deal on a new home. There are also similar sites available in other areas of the country!

This is a sponsored post however, all the points and views are my own.

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