Over the last two years, we have seen an increase in short sale and bank owned condos on the market. It feels like 1 out of 5 or 10 condos I come across is either a short sale situation or bank owned condo. Even though the short sales purchase usually takes longer to close (if you're successful in getting the bank to approve the purchase price) and the time it takes for the bank to response to your offer can be agonizedly long, for some buyers, it's still worth a shot given that the listing price is usually a lot lower than the fair market value. For those of you who are considering buying a short sale, bank owned or foreclosure condo, here is a list of good websites that you might want to check out:
1.) Before you buy a short sale
2.) How long should i wait for short sale approval?
3.) How to buy bank owned homes?
Would you normally recommend buying a short sale or forclosed listed home to any of your clients?
Considering the risk of the previous owner interfering with the ownership of the property, do you think its kinda of risky?
I think it’s most appropriate for buyers who are not in a big hurry to buy and willing to wait. They should understand that there are more complications with this type of purchase but overall, it is an attractive option for buyers looking for a good deal. You should work with someone who has done it before.
First and foremost we protect your rights. We represent you in either the Foreclosure defense, Loan Restructuring, Bankruptcy or Short Sale. We negotiate with your lender and attempt to get you into a mortgage payment you can comfortably afford without having to refinance. We represent you to make sure you’re getting the terms that meet your needs. http://www.u2can-consolidacionenmiami.com
Have you found the institutional banks and Gov’t agencies like Fannie and Freddie to be reasonable condo foreclosure sources in Seattle?