Sherman Oaks Home Buyer Looking for a Short Sale Deal

By
Real Estate Agent with Gilleran Griffin Realty
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.

Often agents will hear this type of language... I've received emails from investors wanting to buy a home at 60 cents on the dollar.   My first thought was.... me too!  Any person, agent or otherwise who ran across a knowledgeable seller who knew they were selling their home at 60 percent of market value... and was okay with it... they just wanted to sell it now.... would jump at the chance.  There is no amount of phone calls I wouldn't make to get the cash in my hand immediately if not sooner if someone was going to present that kind of opportunity to me.  Even with selling costs, the profit margin would be huge, and at that kind of discount it could well be a keeper as a long term investment.

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.

V

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Mortgage Assistance Relief Services Disclosure

Gilleran Griffin Realty is not associated with the government and our services have not been approved by the government or your Lender. If you stop paying your mortgage you could lose your home and damage your credit. Your Lender may not agree to the change of your loan and/or a Short Sale. With a Short Sale, there are no guarantees offered and we cannot provide legal advice. Seek legal advice.

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Rainmaker
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Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Homes are more affordable, but no one is giving them away.. so one must look at their local market and determine what is a good price to offer.

Mar 27, 2012 12:22 PM #1
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