Stoneybrook at Gateway Short Sales
Short Sales, Short Sales, Short Sales! There I said it. Sometimes I can see a person cringe when those words are said together. Well, I’m here to say that it’s time to face our reality. Short sales are here and short sales are staying.
Distressed sales are a sign of the times. There are 2 main types of distressed properties: foreclosures & short sales. I am going to focus on Stoneybrook at Gateway short sales, but if you are interested in foreclosures, make sure you check out Stoneybrook at Gateway Foreclosures (some deals there!).
First of all, here are the nuts and bolts of how a short sale got to be a short sale in the first place. In most cases, Joe Homeowner purchased a property when the market was hot and prices were at or near record highs. Fast forward a couple of years and now, Joe Homeowner’s home is only worth half what he paid for it. Couple this fact with Joe Homeowner’s lack of employment or salary reduction and Joe Homeowner can no longer afford the home he so proudly purchased just a couple of short years ago.
Being forward thinking, Joe Homeowner knows the situation is not a good one. He also knows a foreclosure would significantly hurt his credit score and possibly allow his bank (mortgage company) to pursue his deficiency for up to 20 years. ouch. Joe Homeowner decides to call the Dohack Group and mentions his situation (Smart move Joe). Joe Homeowner then learns about all of his options in the situation (more than just foreclosure or short sale) and decides he wants the Dohack Group to list his house for sale at fair market price and negotiate with his bank to allow him to sell his property and possibly forgive the deficiency. Joe sells and is now happy.
So, the next question is what does this mean to a potential buyer??? The easy answer is… a phenomenal deal on Stoneybrook at Gateway Short Sales. As an area expert, get to see all of the best deals out there as they hit the market, and very few are better than what you will find in Stoneybrook at Gateway.
But wait, you have heard short sales are a NIGHTMARE and take forever to close, if they sell at all. Well, this certainly can be true. Depending on who is negotiating the short sale, you may experience long delays. I always tell my clients that if you are looking to purchase a short sale, you may be required to demonstrate the patience of Buddha. This is only in some cases though. The best case scenario is to find a short sale where the bank has already agreed to the price. We are starting to see more and more like this.
The long and short of it. If you are looking to possibly short sale your home, it’s in your best interest to hire a top performing agent to represent you. Short sales do not negotiate themselves! If you are interested in buying a short sale, make sure to take a look at all of the Stoneybrook at Gateway Short Sales and hire an agent very familiar with the process.