In today's market, it's hard to look at property in ANY price range and not find at least one short sale. I came across a Business Week article online that's a good resource for short sells, answering fundamental questions you may have about these type opportunities for both buyers and sellers needing help.
We all hear the news and read the newspapers that proclaim the doom and gloom of the real estate market. I'm hear to tell you that in Atlanta, it's not as bad as advertised. However, as a buyer, it is in your best interest to understand the new opportunities out there such as short sales and certainly foreclosures. They are not all good "deals" for buyers since they aren't all priced at the bottom as a bargain, but the main point to get across is that the process in making an offer and procuring these type properties is different than your traditional real estate transaction. It requires a little more patience on your part if you were to go out making offers on these type properties. We describe it as a "high risk, high reward" opportunity.
On the sellers' side, we are recommeding many inquiring sellers seek the approval of short sale status if they are incredibly upside down on their home and in deep need of selling. It's a tragedy that it reaches that level, but it is definitely better than a foreclosure. A closing attorney once told me as I was signing my name a million times at a closing table that in Georgia the bank can take your home in a process that is "quick and painful." It's true. Explore all your options if you are in jeopardy of losing your home, which definitely includes gaining approval on a short sale.
Make sure you check out www.thepeterscompany.com/blog for more info.
