You must make sure that the listing price was actually set by the bank. Agents can list a house for a price, without knowing what the bank will actually accept. A lot of times agents will set this price lower or to what they "think" the bank may accept in order to drum up interest. Short sales take an iron stomach. You may hear from the bank right away, or you may not hear from them at all. Nantucket's market as a whole devalued by roughly 30% island wide during the last economic cycle. I would say that there are deals to be had on the open market, and if you get in now you are ahead of the game. Dollar volume and sales volume bottomed out in December of 2009 on Nantucket. We saw a 50% increase in dollar volume in 2010. In 2011 we have seen our inventory finally starting to go down. A normal inventory in '05-'06 used to be around 350 properties. During 2009 we had almost 750 properties on the market. As of today there are 583 which shows a significant drop in inventory even with new properties coming on all the time. Please let me know if you would like to discuss local real estate further.
Carl Lindvall firstname.lastname@example.org... more