The first half of 2014 has seen a lot of real estate sales—and according to our local Palm Springs area short sale expert, the valley has seen many as well. What’s happening throughout the country is that a lot of buyers are purchasing homes at depressed price levels. According to the National Association of Realtors, short sale transactions made up between 45 and 50 percent of all home sales during February of this year.
While it sounds exciting and like something you can’t afford to miss, it’s important to be very careful while navigating a short sale, as they can be trickier than a normal home purchase. Often times, due to the common occurrence of complications, short sales can take longer than other transactions to close. If you are looking for homes in the Coachella Valley, a Palm Springs area short sale expert will be instrumental in the process and can make it much less stressful.
A short sale is when a home is sold for less than the amount of money owed on it. It’s often confused with a foreclosure, which is when you buy a property that is owned by the bank. As you can imagine, this can be an amazing deal for buyers. It can also help sellers avoid having a full foreclosure on their record. It can be tricky, however, as the lenders involved will need to approve the deal—and they will be taking less than the total amount that the owner needs to pay off their mortgage. In the flip side, if they don’t agree, they may receive no payment at all. Yet many times short sales move slower than molasses and can fall through altogether.
Finding a great short sale deal can take a lot of patience, luck and the help of a real estate professional with expertise in short sales. For best results, do your research and keep your eyes wide open.
img credit: realestate.answers.com