Why Short Sales Aren’t Necessarily The Best Valued Real Estate In Sunriver…The case of the disappearing smoking deal! Part 3
In the 2nd installment of this three piece short sale article, we left off wondering what my motivations may be for writing these posts…
First, it is my attempt to provide timely, accurate information to the public interested in real estate for whatever reason. Whether a buyer, seller, homeowner, interested party, or investor it is important to understand as much as possible in this challenging real estate market. When well informed individuals make better and more sound decisions for themselves, individuals are happier and feel better about those decisions, and everyone wins. I’ve built my business on a transparent and completely honest full disclosure of all of the variables that go into owning, buying, and selling real estate, negative or positive.
Secondly, I’m most certainly not trying to discourage the purchase of a short sale. Rather, I want buyers to understand that short sales are more of a sexy term as opposed to a smoking deal. Yes, sometimes they do represent value in the way of being attractive properties sold at current market value. However, that is not always the case, depending on the specific short sale situation. Most importantly, they do not represent a deal that is significantly below current market value. If there is one thing that a reader walks away with from this post, it would be the last statement. Ideally, this post would help prospective buyers to understand more completely the short sale process, and the implications that stem from the process. I’m not meaning or attempting to discourage buyers from attempting to purchase a short sale in anyway. Rather, I’m trying to make the point that a buyer should decide on what parameters they want when purchasing a property and include and exclude properties based on that. Buyers should also be aware, many homeowners of traditional sales have enough equity in their home to have the ability to compete on price with short sales and even beat short sale prices (believe it or not, contact me for a list of these properties).
Bottom line, speculating on real estate, buying real estate we could not afford, and trying to make a quick buck is what got all of us in to this housing market mess. Buying any home, should mean more than trying to make money, unless you are in the business of investment real estate.
Inventory is at historical highs (this means you get to pick your dream home), interest rates are at historical lows (this means the total cost of your new dream home including interest is drmatically less), values are down nearly 50% (this means the sale price of your new home is dramatically reduced), if you have ever wanted to buy a home (second, vacation, or otherwise) now is the time to pull the trigger and capitalize on the completely awesome big picture of having the ability to purchase in today’s buyers market. Do not get caught up in or believe the short sale hype! If you can afford a piece of real estate and the above positives are not enough to help you make the decision to purchase your dream home, than you likely do not want to buy real estate and that is absolutely fine.
There are a few sources I would like to site in helping me put this blog post together…
- “Help for second homeowners” by Marilyn Kennedy Melia for www.bankrate.com http://www.bankrate.com/finance/mortgages/help-for-second-homeowners-1.aspx
- “Home Affordable Foreclosures Alternatives Program” webpage laocated at www.Realtor.org http://www.realtor.org/government_affairs/short_sales_hafa
- Home Affoordable Foreclosure Alternatives Program Website administired by Fannie Mae https://www.hmpadmin.com/portal/programs/foreclosure_alternatives.jsp
Please leave comments below. Email me at email@example.com if you have any questions or would like more information on Sunriver home listings, good real estate deals within Sunriver, or help with listing and selling your Sunriver property or Three Rivers South property-short sale or traditional sale. You can also visit my company website for more real estate information at www.CentralOregonRealEstate-KyleHoak.com or my Sunriver news blog at www.SunriverNewsOnline.com. Meet my teammate Mary Hoak (Mother) at www.SunriverOregonRealEstate-MaryHoak.com.