Foreclosures and Short Sale Real Estate Make Great Investments

Short Sale (on the owner’s behalf) and Foreclosure properties make great investments but they are each different, in many ways, and require a lot of attention to get the property closed.  The Victorville real estate market is full of bargains and regardless if the property is a short sale or a bank foreclosure there are plenty of good deals out there which make good sense as an investment.  The complication is often getting the deal done.  Whether it is getting a contract accepted, attaining financing or following through until closing a lot of today’s real estate deals require the assistance of a professional, that knows the market and what’s going on, more than ever.

Let’s look at the basic differences between Foreclosure and Short Sale properties:

A.   Foreclosure properties are owned by a bank or lending institution, typically a foreclosure properties have been repossessed and the home owner is no longer the owner.  Foreclosure properties are normally sold by a broker division of the bank or by a Realtor hired by the bank.  The bank is in the driver’s seat and rarely wants to make any improvements or deal with inspection items, preferring to sell a property “as-is”.

B.   A Short Sale is a pre-foreclosure sale when the home owner (borrower) is still in the picture but owes more than the house is worth. Many people think a short sale means a short amount of time to close when in reality a Short Sale could easily take 4-6 months to close.  In a Short Sale the lender is involved because the lender has to agree to the sale price and the loss that they are going to take.  There may be some room for inspections and contingencies in the short sale scenario but the bank still has the last word and to get a deal done a buyer must be willing to forgo certain issues.

In either case, Foreclosure or Short Sale, a real estate professional who has experience or knowledge in distressed property can be incredibly useful.  These real estate deals are complicated and take knowledge to complete.

For more information see our Short Sales web site

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