Foreclosure Field Report

Well, if you use the term “easier” loosely. Still, people who work in the industry and buyers I’ve been talking to have noticed that short sales are becoming more streamlined by the banks that approve them.

Plus more and more banks are turning to short sales vs. bank owned sales (a clue: it’s cheaper for them). Bank Of America just hopped on the short sale bandwagon, and when an institution that big does something, the rest usually follow.

Check out the article, it’s good:

Fewer Short Sales Are Coming Up Short

What’s In It For You?

I’ve been saying this for months: There are only a small handful of discounted properties available in an area at any one time-and they sell within 3-8 days.

We’re not talking about national trends like the media does, we’re talking about the neighborhood you want to buy in. Unless you can pay cash OR have 20%-50% down on a conventional loan, you don’t have a chance on the bank owned properties.

HOWEVER, because of the bad reputation short sales have, there are real, live deals out there for you with these types of properties.

You will be competing with fewer buyers, far fewer “strong” buyers, and will be able to tie up a low price with the types of loans that REO sellers won’t touch.

Now that more banks are doing these and it’s becoming a faster process for buyers, you have about ninety days from now before this becomes common knowledge to the general public and more and more qualified buyers catch wind and dive on this opportunity.

This entry was posted on Wednesday, November 4th, 2009 at 2:16 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.