Market Conditions in 14031>Question Details

Partyof4, Other/Just Looking in 60502

Are there very many short sales in this market??

Asked by Partyof4, 60502 Tue Nov 25, 2008

We are considering buying if we can get a good deal. Are there very many distress sales in Williamsville, Clarence or Amherst? What about Orchard Park?

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It really is not that bad here in WNY as it is in other parts of the country. Short Sales are also not usually a pre-determined or advertised thing. It is a sale that takes place where the seller is going to owe more than what they are going to clear with pay-offs and closing costs. The transaction is usually contingent upon lender approval. Many times, the primary lender involved requires that the seller go on a payment plan. If there are other lien holders involved, they also have to cooperate. Thus, more times than not, people walk away and the property get foreclosed on. Things may change in the future here as more people are faced with job loss or a reduction in a household income. You say that you are considering buying if you get a good deal. So is everyone else! If you don't see a fabulous deal, then you won't buy? Keep looking at the foreclosures but, are you qualified for the purchase from a lender, especially a distressed property? A lot to think about there.
0 votes Thank Flag Link Tue Nov 25, 2008
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