Foreclosures And Short Sales
Chris Griffith: Foreclosure or short sale, what's the best deal?
More often than not there is a buyer at the other end of the phone or an email requesting help in purchasing a foreclosure. Today, I actually received an email asking what’s the best value is, foreclosure or short sale?
It’s been years since a day has gone by without the word “foreclosure” in the morning paper, television news or on the home page of whatever Internet browsers you’re using so it only makes sense that buyers ask about them. Add to that the rumors of great fortunes to be made, awesome opportunities and magical faeries found in kitchen drawers of foreclosures.
Everyone seems to know “someone” whose neighbor’s, college roommate knows met who allegedly purchased real estate, for “a song” (no price mentioned), in pristine condition with the appliances and light fixtures actually still in residence. Rumor also has it that there was a chive and cheese soufflé in the stainless steel oven and Pouilly Fuisse chilling on the counter, too.
While I have actually seen that rare animal of a veritable walk-away foreclosure, it’s not exactly the norm when it comes to many foreclosure purchases. Some homeowners become a little bitter on their way out the door and have been known to Craigslist the innards of home before they bail.
For standard consumers who start out as foreclosure buyers, sweat equity is a noble investment until it involves a hazmat suit or commercial grade air scrubbers. Everyone is into a fixer upper until they realize it’s more than just new Berber carpet and a trip to the Lowe’s paint department.
Biohazards and other peoples DNA scattered about have a way of making short sales look mighty attractive. There’s something to be said for a home with the air conditioner still on and quite possibly someone living in it caring for the home.
Most of the “I’m looking for a foreclosure” buyers are really looking for a good, sound deal and they should be. The difference is getting value in their purchase versus just a low price.
Foreclosures aren’t necessarily the best possible deal for all buyers. Put into perspective that the banks/investors do get appraisals on their assets and don’t necessarily sell them under current market value. Those properties are also listed at a juicy price to stimulate an offer. This often results in multiple offers, so there is a good chance a buyer will be asked to revise their offer to the highest price and best terms which can actually be over list price. Silent auctions … they’re not just at charity events for a bag full of Pings.
Foreclosures And Short Sales - News
More often than not there is a buyer at the other end of the phone or an email requesting help in purchasing a foreclosure. Today, I actually received an email asking what's the best value is, foreclosure or short sale?
They can no longer make payments on their mortgage, their credit is in tatters, their patience and pride has been worn down by banks that refuse to work with them on a load modification or short sale strategies that will leave them financially
Excluding foreclosures and short sales, prices were down only 1.5 percent from June to July and down 10.4 percent from July 2010 to July 2011. The index, which uses a baseline value of 1000 in January 2005, increased in large part because of improving
Declining home prices and super-low mortgage rates haven't been enough to boost sales this year. The average rate on a 30-year fixed mortgage fell to 4.15 percent this week — the lowest level on records dating back to 1971. Foreclosures and short
About 1000 Baltimore homes on the market are either foreclosures or short sales -- 21 percent of the total. But such distress properties accounted for a whopping 44 percent of actual sales from January through July, according to a Greater Baltimore
Ventana Ranch Foreclosure and Short Sale Stats for July 2011
Is Buying a Foreclosure or a Short Sale Difficult?
Buying a foreclosure home is not much more difficult than buying a regular home. You need to be pre approved for a mortgage loan, and you can still choose any lender that you like. In most cases, the offer is made the same way as on a regular purchase. The exception is HUD homes where the offer to purchase is made online.
Usually you will get an answer on your offer within 72 hours or so, unless the house is priced so low that there are multiple offers. If that happens, the bank will call for “highest and best” offers from all parties. This can lead to a bidding war.
Short sales are more problematic to buy. Offers are made the same way as they are on regular sale, however many months can elapse before you hear back on your offer. If your lease is running out soon you’d better be looking a foreclosure homes and not short sales.
There are some Ventana Ranch houses that are priced to sell that are not foreclosures or short sales.
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