All you here about these days are short sales. Just the words short sale puts an incredible picture in the heads of buyers of incredible deals and something for nothing. This has alot to do with the low listing prices that they see on these short sale listings. They see this incredibly low number and assume they will get it for even less than that and they also assume the bank will surely take whatever they can get.
This is nothing but an illusion because the bottom line is the bank has to approve the sale and they are looking for 90% of market value to let their customer, the borrower out of their obligation and they are in no rush to help them out of their problem.
Now compare this scenario to a motivated seller who has no mortgage trouble but has to sell maybe to buy their dream home that just came on the market or maybe they want to move to another part of the country. They understand the market and realize that what they loose on selling their property they will more than make up for it when they buy.
Where do you think you will get a better deal? With the bank who won't get back to you for 6 months and than demand their 90% market value or the motivated seller?
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