The Art of a Short Sale
"Short Sale" are the buzz words in real estate right now. But what is it? A short sale is when the owner of a home is behind in payments and close to foreclosure. He wants to sell the home but owes more money on the home than the home is worth. Following is a real case study of a home that is on the market right now.
3271 39th Pl. SW. Seattle, WA 98116
This home is being listed at $375,000 dollars. However, if you look at the public records you can see that the actual amount owed on the home is $489,000 dollars. The current market conditions certainly do not support the home selling at even close to $489,000 to say nothing of the other miscellaneous fees related to selling a home. Rather than take possession of the property the lender is willing to negotiate a loss in order to get rid of the home.
This is where the benefit to they savvy buyer comes in. If you have patience this is where you can get a really good deal on a home. You have to have patience because it is not a normal negotiation, you are negotiating with a lender so your answers are not always timely. Also, when you take possession of the home it is not always in the best of condition. The seller usually doesn't care how they leave the home because they are being more or less evicted.
You will see more and more short sales, so if you are looking for a "deal" it may be the direction you should look. Call or email me anytime for more information.
News on Seattle Real Estate Market (Condos, Homes & Townhomes)
