Are Short Sales Still Available?
All across the country we are hearing how the real estate market is turning around. It’s true! Many areas have homes increasing in value as much as 50%! Keep in mind these numbers are still down from what they were in 2007!
With the increase in home values that means there should be a decrease in short sales overall. While this is definitely true, it doesn’t mean that short sales are completely out of every market. As the market continues to improve these short sales can often represent the best value. What?! You ask.. Here’s why.
The short sale can be the best value to the home buyer because the original offer comes in usually around 90 days or more before the bank approves it. If the value is going up, this means the buyer has in some cases secured the home under the current market.
Be sure to ask your agent regarding short sales in your market.