My Blog

Are There Really Any Short Sale Bargains?

shortsalebargains

The idea that a buyer is going to purchase a short sale significantly below market value should be dismissed; those days (if they really existed) are long gone. The reasons vary but the one constant is that lenders are not going to absorb the loss of a single dollar more than required. Lenders are verifying home values with automated systems, broker price opinions (BPOs) and in some cases, appraisals. In short, they are ensuring that offers accepted reflect current comparable properties. Despite what lenders publicly say, there is little motivation to complete a short sale; foreclosure is not a bad option for them or one they shy away from – especially in rising markets. Key points for buyers interested in short sales to remember:

Most agents price short sales to generate offers, it is li...

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