Short Sales in Silverlakes
Short sales provide opportunity to find outstanding properties at very reasonable prices. At the time of this writing there was only one short sale listed in Silverlakes. It is a very clean property and is listed at only $125,000.00. It is amazing to be able to purchase a home in a gated community like Silverlakes at such a price. Take a look at the short sales in Silverlakes right now. That being said, you must be ready and able to wait for the process to run its course. We work hard to find answers to a number of questions prior to submitting a contract so that our clients are not subjected to difficulties that could be predicted but even the best of situations can yield surprises. The minimum time frame for a short sale is 3 months and the majority take 6 or more.
Do you have that kind of patience. I know that I don’t but that does not mean that they are not right for some of my clients. If you are on a very flexible time line then why not give it a try. Investors do well with them because they are able to submit contracts on numerous properties and whenever they get to the finish line they proceed. This is much more difficult for those using the home for a vacation home and nearly impossible for anyone searching for a permanent residence.
I often use the analagy of used car pricing to explain how short sale and foreclosed homes are priced. Most people are familiar with used car pricing. There is wholesale value and retail value. Generally the price that is paid is somewhere in that range. Distressed homes are priced at the “wholesale price”. Banks set a price that they think will get the home sold in 30 days. That means that it has to take in to account the condition of the home as well as other normal considerations. These prices can be deceiving in some cases since the homes need considerable work to bring them up to habitable condition. Most short sale homes are already in livable condition so that makes them a better value. Take a look at the short sales in Silverlakes. After you investigate, give us a call at the Dohack Group and we will be happy to discuss whether a short sale in Silverlakes is a good option for you or not.