Short sales are not the best way to transfer property but lately it’s become the method of choice for some buyers and distressed sellers. Many of our customers are confused about short sales (we joking call them long sales in our office because a few banks can take weeks to make a decision) and shy away from them. I, however, feel short sales represent a much more attractive option for buyers and sellers. I’ll list a few reasons why I feel this way:
- For rental properties, which is most of our market here, the homes are still furnished and have not been damaged by the removal of furniture, appliances and sometimes pool tables and hot tubs.
- The rental stream has not been interrupted by the foreclosure process so future bookings still exist.
- The seller doesn’t have a foreclosure to contend with on their credit.
- Often the buyer gets the property at or below what the bank would later list it at. It’s true that banks do not want property…. they want money.
While it is unfortunate that some owners of property find themselves in a tough spot, I’m glad we can be there to help them stave off foreclosure with the tools that are made available.
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