Why is can seem at times like lions, tigers and bears there can be a good outcome when dealing with any of the three prevalent real estate transactions in today’s market. This being said there is a number of great deals out there and should be in the short term. RealtyTrac predicts there will be a record 1.2 million foreclosures in the US this year.
With short sales the real downside with this type of sale is you better have patience, some banks just haven’t streamlined the process that much. For instance I had one that closed earlier in the year that my clients had under contract for eight months. The important thing is they did eventually close and got a great deal.
It gets a little dicier with a foreclosure where you might not really know the true condition of the property do to limited access. Also once you think you have bought it in North Carolina there is an upset period in which you might not have got it.
The easiest of them all is the latter bank owned where while typically the home isn’t up any running pretty much what you see is what you get. For instance I just closed on one of these where not only did the transaction go through smooth and quickly, the buyer’s bought one stellar home that would have sold for twice the price five years ago.
The recent moratorium on foreclosures will likely be a short term delay until the banks ensure their paperwork is in line.