Part 1 – Short Sales Don't Necessarily Represent The Best Value To Sunriver Home Buyers…
Why Short Sales Aren’t Necessarily The Best Valued Real Estate In Sunriver…The case of the disappearing smoking deal! Part 1 Trees and Clouds in Sunriver
The connotation that has developed with prospective buyers of short sales, is that they represent a smoking deal. That type of thinking is typically incorrect in most instances. Here is why… By basic definition, a short sale is A.) Property that is being sold at a price lower than what is still currently owed on the home loan. B.) The seller will not be making up the complete deficiency at time of closing to their lender. Nothing in the definition regards value. There are numerous ramifications when a short sale is listed for sale, dealt or offered on, and ends up closing (if it ends up closing). Numerous different parties are affected in numerous different ways during the process. When it comes to Sunriver or other popular resort towns, where many of the residences are second homes or investment properties, it complicates the short sale process even further. In a metro or more urban area where homes tend to be perdominatley primary residences, the homeowner trying to complete a short sale faces far less obstacles in doing so, as long as that homeowner does not own more than one property, or have numerous other valuable assets (IE savings accounts, retirement accounts, investments etc…). When a short sale is listed and an offer is made, that is in turn accepted by the homeowner, it goes to a third party (IE the bank, lender, loan/mortgage holder etc…) for approval. It is during this approval process that many short sale deals fall apart. Find out why by reading the next installment of this short sale information article in part 2 of the series…
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