There are short sale properties in Wall with offering prices from well under 400K to well over 900K. Some will never close. Some are being managed by listing agents who are unable to make the deal happen. Some properties have too many issues, i.e. multiple liens or some other obstacle like divorcing spouses who can't agree. Some properties won't close because the investor who owns the note does not care to make the short sale work. Sometimes, it's just too close to foreclosure to make it work. Other short sales close. Some are deals. Some are not.
I have seen short sales completed where the buyer did get a really great deal. But, I have also seen plenty of really great deals come to closing when there was no short sale. An opportunity arises for a buyer when a seller is motivated to sell at a lower price because of a current need to sell. That can come about because of family issues, monetary need (with positive equity, not a short sale), divorce, relocation, estate, or desire for liquid funds for some other purpose (business, purchase another home, etc.)
The list of reasons why a seller may be motivated far exceeds â€œshort saleâ€ - so if your goal is to purchase at a price below market comps, treat it that way.
Put â€œgreat priceâ€ first on your list and make everything else subordinate. Expecting to find the deal of the century while concurrently finding the dream home of a lifetime that meets your every whim is harder than finding a needle in a haystack. Finding an opportunity while being flexible on style of house, location, colors, whether it does or does not have a basement, pool, 2 walk-in closets, or a fireplace is realistic.
I meet many buyers who profess they want a deal, but pass on multiple opportunities with motivated sellers because the hardwoods were light instead of dark, or it was a one car garage instead of two.
In the last few weeks, I have seen a lot of market activity, giving more negotiating power in many situations to the seller. Nonetheless, there are still many opportunities.
If you decide to pursue a short sale, make sure the buyer agent who represents you is experienced, trained and diligent.
Deborah â€œDebâ€ Madey