By Affiliate Alyce Dailey, Owner of The Dailey Group
Recently, we posted a blog for our sellers about the forthcoming “Shadow Inventory” (discounted properties waiting to enter the market because of bank or paperwork errors) and why it is a good idea to sell now rather than later. The flip side to the “Shadow Inventory” for buyers is that these properties ARE headed to the market soon and at discounted prices.
If you’ve talked with anyone about a short sale, the first thing they will tell you is how much of a hassle it is to go through the short sale process. While this can be true, short sale purchases can be worth the wait. Here’s why:
- On average, a short sale transaction can take an average of 72 days from start to finish. If you are not in a hurry to move or are not bound by any contingencies/leases/rental agreements on a current property, a short sale might be the SMART move for you.
- When a buyer purchases a short sale, they are receiving up to a 21% discount off of the current market value. This means that a buyer INSTANTLY has 21% equity built into their purchase. In a market where houses are like new car sales–losing equity the minute they are driven off of the dealer’s lot–buying a short sale is a sure-fire way to ensure that you are not losing money on your biggest investment–your home.
Still unsure about buying a short sale? Give us a call today. We would love to help you sort through all of your home buying options.
Committed to helping you Buy. Sell. Live. SMART,
Alyce