When buying real estate, you typically have two major goals. Your primary goal is certainly to find the best property to suit your needs in terms of location, housing, space, and quality. Your second goal, however, is to get the best possible deal on your property. While many homeowners feel that negotiating with a seller on a standard property is a great way to get a good deal, the truth is that using short sales can offer you more power and leverage when looking for a true bargain.
If you find that you are asking yourself, “what is a short sale”, you are not alone. Many people have never heard the term, and it was not until the recent rash of foreclosures that the process became so popular. These transactions now make up about 25 percent of the foreclosure market. Rather than adding to the list of Scottsdale bank owned homes, many banks are offering to allow sellers to get rid of their properties for less than they owe the lending institution. The process can be somewhat complex, but it offers buyers to get truly remarkable deals on these properties.
In many cases, lenders owe far less on their homes than they are worth. A short sale transaction allows you to pay even less than this amount to acquire a home, ensuring that you have more value in your home than you borrow instantly. This is certainly a great benefit from an investment standpoint. Scottsdale bank owned homes and short sales offer buyers the chance to simply get more home for their money, and many of these deals will not last much longer. As purchase rates start to rise and the real estate market gets back into full swing, the foreclosure rate will finally level out to average, meaning that finding these deals will become much harder.
When comparing short sale vs. foreclosure homes, it can be tricky. Both offer excellent deals and the ability to pay less than market value. A great deal of the difference comes down to contracts, time, and the ability to negotiate. Short sale homes can be an excellent investment if you are able to find a property that meets all of your criteria, but working with The Holm Group is the only way to ensure that you are really getting the best deal possible. Call The Holm Group today at 480-206-4265 and request a personal consultation today.