The unprecedented numbers of foreclosures have brought banks into the home selling arena more than ever before. Also, because of the sharp drop in housing values, banks are increasingly brought into purchase transactions because they are asked to accept short sales. Much of the bank personnel tasked to these duties are rarely experienced enough to handle them effectively. They tend to hinder the work of licensed and knowledgeable professionals that are working harder than ever to move the market. In the world of real estate, people always need to buy homes. Regular life events cause people to relocate, expand, downsize and invest in homes. Moreover, the current demographics of the children of the baby boomers entering the age of traditional first time homeownership, should be absorbing the current inventory. This is not happening as rapidly as it should for several reasons. One of which is that the banks involved in purchase transactions, are in many ways, making it extremely difficult to negotiate and close a good deal. This is especially true if the home buyer, like most, need a mortgage to buy their home.
Many homebuyers start off thinking that they will get a bargain on a home because it is a foreclosure or it's advertised as a "Short Sale". This is not always true. Actually, it is rarely true that these are the best deals on the market. Moreover, the challenges in these kinds of sales can prove to be more costly than non-bank sales. Navigating the details takes very specific knowledge and experience to avoid these costly mistakes. The most expensive decision that some home buyers make is when they erronously think that they can negotiate with the bank seller without their own Real Estate Professional working with an Attorney on their side.
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