Dwindling Time
Wednesday, December 21st, 2011Potential for short sale transactions have not abated with the current state of the housing market across states specially that property foreclosures have increased since the economic crisis happened. 1 in every 4 houses that is being sold will be up for short sale, according to latest statistics, which is 25% in the housing market and with the introduction of government programs crafted to help homeowners, getting short sales is no longer difficult. Made possible by working closely with banks for the process involves in making deals have become complicated and to solely rely on creativity alone to get deals done is no longer feasible. Not all properties are qualified for these programs such as vacation homes which are now hitting a record high in the market and with the foreclosures almost happening in every state, finding short sale leads will be easier. Several properties are giving in to foreclosure in high numbers as owners grapple to negotiate short sales in Minnesota, while in Florida home owners just get out before things get worst in the housing market. With the current housing situation, these properties become prime candidates for traditional or conventional short sale negotiations especially that these homes are not eligible for federal support. As an investor, you can help individuals whose financial stability and livelihoods are jeopardized by homes that they can no longer manage to pay for and that they are unable to sell in a conventional method. Valuable source of leads for you are these real properties and often they are appraised at a higher value because they are considered “luxury properties”. Criteria for short sale candidates are fairly simple – a mortgagor who encountered trouble in making payments on a property such as a house that is worth less than what they owe on it. Once a borrower exceeds 90 days, a bank is often more open to a short sale because of extenuating situations and that fact that some money is better than no money at all.