Distressed Property Versus Regular Sales
To help get a handle on what the real estate market is doing in the Springfield real estate market, we are tracking the office sales for 2009.
Consumers are always looking for a great buy (steal). Many are focusing on foreclosures and overlooking the great homes available and ready to buy. No doubt, some short sales and foreclosures are great deals. However, if the home needs repairs, these homes are sold "AS IS WHERE IS".
Many first time home buyers, anxious to take advantage of the Incentive program that expires December 1, 2009, do not realize that some loans require repairs prior to closing and can not be escrowed and completed once the home is sold.
The Springfield market is moving and the signs show the foreclosures and short sales are still more than half the market share.
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