Short Sales hold a glimmer of light in an otherwise uncertain market
Short sales may continue to gain a foothold for closing deals in this increasingly complex real estate market.
As we are just coming to grips with the sudden changes taking place with the REO market and the impact it is having directly and indirectly with buyers, sellers and lenders alike, short sales may continue to see an increase in growth and as a sensible solution to negotiate the best deals for buyers and sellers.
Most would agree that the Florida real estate market will continue to face challenges in the coming months and well into 2011. For serious buyers and sellers, finding the right property at the right price is what it’s all about. For the time being, REOs are not an alternative for most buyers to consider and even the possible stigma of related difficulties around the purchase of an REO are driving buyers away from these properties. That leaves a buyer with a couple of remaining options. Buy from a non distress buyer and try to negotiate the best possible price or look for desirable short sale properties. Of course, some markets continue to hold most of there value and short sales are not so easy to find. For the time being that would include many of the upper end/upscale communities. However, it is no secret that the shadow inventory along with strategic defaults will alter the landscape in these markets as well.
While short sales typically take longer and there can be unique challenges in getting deal the deal closed, the upside can often result in purchasing a property for much less than what otherwise might be offered in a “retail” sale.
As the legal issues are being resolved with respect to REO sales, identifying properties with sellers that are eager to use this additional time to sell there property may offer a silver lining.
As most of already know, finding great opportunities takes work. Understanding which route to take in finding them may be right in front of us………. SHORT SALES!!
As we are just coming to grips with the sudden changes taking place with the REO market and the impact it is having directly and indirectly with buyers, sellers and lenders alike, short sales may continue to see an increase in growth and as a sensible solution to negotiate the best deals for buyers and sellers.
Most would agree that the Florida real estate market will continue to face challenges in the coming months and well into 2011. For serious buyers and sellers, finding the right property at the right price is what it’s all about. For the time being, REOs are not an alternative for most buyers to consider and even the possible stigma of related difficulties around the purchase of an REO are driving buyers away from these properties. That leaves a buyer with a couple of remaining options. Buy from a non distress buyer and try to negotiate the best possible price or look for desirable short sale properties. Of course, some markets continue to hold most of there value and short sales are not so easy to find. For the time being that would include many of the upper end/upscale communities. However, it is no secret that the shadow inventory along with strategic defaults will alter the landscape in these markets as well.
While short sales typically take longer and there can be unique challenges in getting deal the deal closed, the upside can often result in purchasing a property for much less than what otherwise might be offered in a “retail” sale.
As the legal issues are being resolved with respect to REO sales, identifying properties with sellers that are eager to use this additional time to sell there property may offer a silver lining.
As most of already know, finding great opportunities takes work. Understanding which route to take in finding them may be right in front of us………. SHORT SALES!!
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