Short-Sales are Not Always Good Deals

September 22nd, 2010

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.

So, short-sales can be great deals but make sure you perform your due-diligance on value and market price before you buy a short-sale assuming it’s a great deal.

Another post of how all prices are affected by foreclosures is below.

Click here to view a BLOG post on why foreclosures affect all prices.

For more on this topic or questions regarding real estate in Steamboat Springs, feel free to call Charlie at 970-846-6435 or write me an email at: charlie@steamboatsmyhome.com. I will answer your post or email promptly with candid and informed answers. Click here to view all properties in Steamboat Springs in “real time” — This is one of the few real estate sites showing all foreclosed and all short sale listings in real time and updated every few minutes.

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