Short Sales - A Buyer's Market. Get On The Band Wagon

Here in metro Detroit it seems everyone is looking to either sell or buy with the assistance of a Short Sale. This is a great avenue for seller's who are facing foreclosure or are upside down on their mortgage. It is just as beneficial to the buyer who is looking for a great deal.

A short sale means the seller's lender is accepting a discounted payoff to release an existing mortgage. Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if the seller accepts it. One huge benefit for both buyer and seller is the lender pays ALL fees and commissions

Buyers' markets exist when there are a lot of homes on the market and very few buyers. If inventory--the number of homes on the market in your neighborhood--have been rising, it's likely that the days on market have been increasing. Couple that with declining sales figures over previous months, and home buyers are in an enviable position to negotiate. When purchasing a home that is listed as a Short Sale, the savings on the purchase price could be immense. Less money = more house.

The negotiation process with the lender is delicate dance that you will need an experienced Short Sale Specialist to perform. Negotiations can be long and arduous, taking in some situations months to accomplish an acceptance of an offer. If you are thinking of purchasing a home that is listed as a Short Sale, be aware this could be a long process but the payoff in the end could be a great house at a huge discount.