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I’ve put together a list of 10 reasons why Buyers should consider purchasing a Short Sale home in today's market:
1). Great Value: Short Sale properties offer Buyers great prices. On average, these properties are 5%-15% below the market price!
2). Wider Selection: Most of the properties on the market today are Short Sales (65%-80%). In some areas, the percentage is even up to 90%. If Buyers consider Short Sale properties in the current market, they'll actually increase the chance to find the property that will match their needs.
3). Good Condition: The properties sold in Short Sale transactions will be in much better condition than the ones that are sold as REO (real estate sold by banks).
4). Credit of $8,000: If the Buyer purchase a Short Sale home before the end of November 2009, they will receive an $8,000 credit from the government!
5). Tax Relief: Buyers will also be able to deduct all interest, taxes and points from their taxes.
6). Pride of Home Ownership: No further explanation.
7). Reduce REO Inventory: Buyers purchasing Short Sale properties are in fact helping Sellers avoid foreclosure.
8). Negotiations: Buyers will have the ability to negotiate closing fees, home warranty fees and credits for repairs, etc.
9). Quicker Bank Approvals: The time to obtain Short Sale approval has been shortening. Some banks are able to approve Short Sale Approval Letters within 30 days.
10). Advantageous Edge: Banks are very motivated and willing to work with Buyers in order to avoid another foreclosure.
If you have any questions in regards to Short Sale transactions, I can be reached at (562)334-7393.
Ihor Pochay
Realtor / Short Sale Specialist
Tarbell, Realtors
Cell: (562)334-7393
Off: (909) 364-9005 Ext. 471
Fax: (909) 364-9262
ihorpochay@tarbell.com
http://www.myrealtorihor.com/
http://www.shortsaleyourhome.blogspot.com/
Twitter: @ihorpochay
Thursday, September 10, 2009
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1 comment:
Hi! I'm glad to stop by your site and know more about home sales. Keep it up! This is a good read. I will be looking forward to visit your page again and for your other posts as well. Thank you for sharing your thoughts about home sales in your area.
Some junior lien holders and others with an interest in the property may object to the amounts other lien holders are receiving. It is possible for any one lien holder to prevent a short sale by refusing to agree to negotiate a reduction in their payoff to release their lien. (Iowa has a procedure, sale free of liens, which allows a foreclosure court to "cram down" a short sale over the objections of the junior creditors.) If a creditor has mortgage insurance on their loan, the insurer will likely also become a third party to these negotiations, since the insurance policy may be asked to pay out a claim to offset the creditor's loss. The wide array of parties, parameters and processes involved in a short sale can make it a complex and highly specialized form of debt renegotiation. Short sales can have a high risk of failure from inability to obtain agreement from all parties, or they might not be approved in time to prevent a scheduled foreclosure date.
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