This past week has been a busy one. I listed a home for Short Sale and received an offer on it in less than 7 days. Have another house I'll be listing this week in an Adult Community with all the amenities. In between doing BPO's for bank - which in layman's terms is basically a very basic market analysis of a property headed to foreclosure. This process helps the bank determine what price to list the home for that will insure a timely sale.
With all my activity over this past week and the weeks leading up to it, I can tell you that there are homes out there which are selling. The key in this market is to accept that the prices must be adjusted to today's market and economy. It's sad but true that homes just aren't selling for the prices they did in 2003-2006. In some areas homes are selling in less than 30 days. Perfect example of this is the one I just listed and had 4 viewings in the first few days. There are investors with funds ready to purchase. They are looking for the very best deals of course!
What's the best route for you to take? If you are looking at possible foreclosure you are much better off listing your home as a Short Sale. Make sure you use someone who is a Certified Short Sale Negotiator. Short Sales are different that a conventional sale. Not only do you have to make sure it's priced right, it has to sell before possible foreclosure or auction and even after you receive an offer that offer must be approved by the Lender.
What's in it for you? You may wind up with a better credit rating than if you simply allow the property to go to foreclosure. If the lender accepts the offer on the property and you only have a primary mortgage, you will be able to walk away and owe nothing. If you have a second mortgage it's even more important to use someone who knows how to handle Short Sales.
Visit my website or call me for help.
Raymond
www.RealEstateAz4U.com
480-588-6742
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