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Short Sales are NOT your best purchase deals
$1,000,000 dollar ocean front home, short sale, now only $489,000 - wow. 17 offers in the first 3 days....
Sound too good to be try? IT IS.
The bank is owed $ 925,000 and they are not going to take anything less than $ 865,000.
If you are a seasoned buyer's agent, or educated client, you will realize that this falls into the 'too good to be true category' HOWEVER....there are deals on the horizon.
Once the property reverts back to the bank, and 80% of these will. After the borrower is no longer on the hook for being responsible for a loan to pay back the bank a percentage of the deficiency balance, and now that all of the consumer protection law concerns are worries of the past, the real deal making begins.
BANK OWNED - GREEN LIGHTS TO GO....although the banks might play hard ball early on in the process, the bottom line is they are not in the real estate business, and it is only a matter of time until one of the bank execs makes the call to clean out the balance sheet, and move the properties.
If you are a highly skilled buyer's agent, you can ... more

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