Sherman Oaks Home Buyer Looking for a Short Sale Deal
Sherman Oaks, California
Early mid late evening... not dusk
Rain has cleared out the valley and the sky is bright.... the air crisp.
Some interesting Sherman Oaks Short Sale Buyers have posed the opinion that they can "steal" a deal on a short sale.
Never one to back away from a challenge, the question was posed as to what "steal" means to them in this context.
I have heard of sales being made at 60 percent of fair market value. The question I want my buyers to ponder is.... why would a bank sell at that much of a discount? Really, why?
This market is an interesting mix neighborhood by neighborhood of high demand to medium demand... any decent home listed on the market with a five or ten percent discount of perceived market value is going to receive more than one purchase offer... today.... right now. That's the market of the moment. Sherman Oaks Homes for sale are in demand and there are plenty of people waiting on the sidelines for a deal with cash in hand.
The 60 cents on the dollar deals I've heard of are from banks wanting to dump $300 million worth of homes in a day.... and it has happened. Like the big box stores, buying in bulk will often result in the best deal for obvious reasons... banks don't want to own property and be landlords... they want to lend money to make money.
Looking for Mortgage Relief? See the Nine Alternatives to Foreclosure in Sherman Oaks.
So when you're a Sherman Oaks Home Buyer Looking for a Short Sale Deal... don't necessarily look to a bank to give you a steal.... Banks don't stay in business by losing money.
Peace to you and yours.
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