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Short Sales and Distressed Property
September 17th, 2011 10:11 AM

It seems that everything goes in cycles.   Sometimes foreclosures, sometimes normal transactions, but this time it is short sales. 

Although Short Sales are not the majority of the market, they have been an important part of my business lately.  Thursday we closed on a short sale, and was pleased that I helped the sellers move on without a foreclosure.  The buyers are excited to make the house their own and have enough room for their family.  I handled both sides of this transaction. 

The same day, I got word from another agent that a short sale that another of my buyers had made an offer on was approved.  This in record time as their offer was approved in just three weeks.  Of course the experience of the Realtor and assistance from a local attorney's office makes a difference!  Good news - we can close a month earlier than planned!

Same day - I wrote a contract for another buyer on a property listed as a short sale.  This is a tricky situation, as I viewed all the recent sales in the area, and even though the property is in good shape and with excellent features, the market shows us what the house would likely appraise for and it is far lower than the list price. I must keep the offer within range that the property is likely to appraise at.  It is contingent on financing, and the appraisal for the buyer's lender could caulse the deal to cancel if it doesn't appraise for at least the contract price. 

Not every day is a "short sale" day.  I'm glad to have the training and experience to handle this segment of the market as it is challenging!  I'm glad when the cycle changes and my business includes transactions that are not all short or distressed! 

 


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Posted by Marianne Lilly on September 17th, 2011 10:11 AMPost a Comment

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