Today’s Market-Foreclosures & Short Sales

As you know, the market is down right now. Homes are having a hard time selling and loans are harder to come by. But it isn’t all bad news. For those that are looking to buy their first home with good credit-it is a smorgasbord out there! Great prices and lots of homes to choose from.

For those that are looking to get into a bigger home, it isn’t so bad. People are looking at it like it is the end of the world, but it is just different than what we are use to. I do understand that your home you need to sell will be worth much less than expected, you could even owe more on it than what it will sell for. But understand that the home you are buying will also be priced low. Most people moving into a more expensive home will actually come out ahead!

Don’t let today’s market scare you. There are many foreclosures out there. Many more homes are going into a short sale. This is when the home is getting ready to go into foreclosure. The offer on the home is lower than the amount necessary to pay off the loan. The bank would have to accept this lower amount. If you are looking to buy and are considering a foreclosure or short sale, it is important to have a realtor that is knowledgably in this area.