I live in an area where short sales and foreclosures are not a major part of our market. But they are incresaing.
However, we do have REO'S, Repo's, short sales, foreclosures...they come by different names and are each subject to unique conditions.
Is attempting to purchase s short sale, or bank owned property right for YOU?
MAYBE, MAYBE NOT.
Will I get a better deal? Maybe, Maybe not. In many cases, there will be " instant equity" however, in some markets many of the good deals get bid up to market value. You be the judge.
Purchasing one of these bank sales can be a grueling, long and difficult process. It often feels like a dead end, when no word comes back from " the bank" for weeks on end.
I had a short sale, listing where 4 MONTHS after receiving a good offer, we still did not have an acceptance from the bank, and the buyer walked the day before they finally called to say they were sending out an appraiser. (BPO)
The REALITY of buying a bank owned or short sale property is something the average home buyer is NOT prepared for.
If you are considering this type of purchase, go in with your eyes wide open, educated that you will need to be VERY, VERY patient and that you cannot plan around this the way you can a "regular" home purchase. There are often (usually) delayed closings, and that makes it VERY difficult to plan around when moving.
Some go much better than others, so realize that much of what (does not) occur in a timely fashion is often outside the control of the Realtor's involved.
Be aware, be educated, be patient, and always have a plan B!
BethAnn Long ~ Spokane Realtor- Coldwell Banker Tomlinson South Inc.
...there's no place like your home!