Short Sale doesn't neccesarly mean great deal... a owner who purchased a home 20 years ago and owns it free and clear is sometimes willing to sell at a better price than a bank's loss mitigator with 200 files on their desk.
It's all about identifying the right deals regardless of their advertised status
Typically the percentage of short sales, that actually close is 2%. However, REO's also know as real estate owned properties, or "bank owned." do close and will close, you receive a prompt response from the lender. It should be noted if it is a new listing the lender may require a delay of 7 days before they will consider bids. Thereafter, you will be required to sign and convey necessary documents they will require you to sign in addition to the initial purchase offer. If you are doing financing your purchase they will also require an approval letter from you lender. In answer to your Luxury Home comments, unfortunately the luxury homes are now being impacted by the current economic situation.
If you are lokking for property in Wilmington, NC check out my web site or call me . http://www.capefearhomesforyou.com
I don't see the deals? I saw one short sale house for $374,000 and the listing states "may not cover all debts attached" or something like that. That home is not below market value, its small in size. Then I see a regular listing with 700 additional square feet for only 40,000 more dollars?
How about if Realtors start directing emphasis on Regular Listings making these short sells/bank owned/foreclosure secondary. Perhaps people will stop looking to simply let go of their home even though they can keep it because its the trend or because they can.
I have seen the power of a Realtor and they are and do create the thermostat in this market.
GOOD LUCK! ! ! ! !
Very good question! It depends on what is your version of "better". Short sales can result in getting a home for a price below market value. And they can result in months of wasted time with nothing to show for it!
If you are looking for a home that is priced well, and you want, or need to close in 30-45 days, a "good old fashioned" house for sale is the better deal for you!