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crankyusi
664 Posts |
 Posted - 05/14/2008 : 4:07:59 PM
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| With the abundance of foreclosures, are the prices truly that much lower for a buyer to go through the exercise required for a short sale versus buying an REO? Surely there's enough homes for sale for a buyer to pick and choose and throw out lowball offers, or am I missing something. Are the big discounts more readily available through a short sale? Thanks for any input. |
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habsfan
602 Posts |
Posted - 05/14/2008 : 4:13:05 PM
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like anything else, it depends on the situation. if its a house the buyer wants, then they'll put up with it. otherwise, there are enough f/c out there to be had on the cheap. i did a f/c purchase last week in providence - in 2006 (2 unit) was sold for $345,000. it was bought back for $227,000 at the f/c sale and my customer bought it for $157,500. he put 15% down and it cash flows off the rental income.
to each their own i guess. |
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MisterVA
6767 Posts |
Posted - 05/14/2008 : 4:14:53 PM
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| I had one a few weeks ago. Buyer's parents lived across the street. |
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808
2890 Posts |
Posted - 05/14/2008 : 4:16:12 PM
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| agreed REO's are much better to deal with. I'm working on a short sale right now and the lender is still trying to work out a Loan Mod w the seller. Talk about communication breakdown |
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kellamtom
648 Posts |
Posted - 05/14/2008 : 4:21:35 PM
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| unless the buyer is getting a conv loan; one disadvantage to buying a foreclosure is that most of the time they are in bad shape and need serious work; either they've been vandalized and copper stripped out or just in bad shape, so in alot of cases prop doesnt meet fha standards unless they're buying a hud foreclosure with the 100 down program |
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