Short-Sales are Not Always Good Deals
Unlike many bank owned or foreclosed properties, short-sale properties are not always a good deal. This may change in time, but many short sale properties are still priced by the owner’s / agent wishfulness price they want to get. And many times this is based on the sellers loan amount minus “x”. Now “x” could be 10, 20, 30% off or what the seller feels the bank will allow. But this number is never very accurate, nor does it have anything to do with the value of the property. Remember, the asking price usually has something to do with the loan amount and that number has nothing to do with the fair market value of the property today. Steamboat Springs has many short-sale listings and many more are coming. Short sales are a wonderful solution to a unfortunate situation. A successful short sale is a blessing for all parties. But do not assume just because it’s a short sale it’s a deal.