Ouch! The last four listing presentations I have done have been for sellers that are upside down and will need a short sale to sell their homes. In addition, on a recent Sunday 3 of 5 homes I showed in the $250,000 range in nice suburban areas were in or facing foreclosure. These are sellers that have refinanced in some cases multiple times taking cash out of their homes each time. Now the only way to get out is to call the bank and negotiate a deal with them and try to convince them a small "hair cut" now is better then a big loss later at foreclosure. The short sale negotiation process while still tedious, has become significantly easier in my opinion in the last six months. Even the relo companies are accepting offers on homes that they would have laughed at 6 months earlier. While the short sales can be financially devasting for the sellers in some cases, they can provide opportunities if purchased and negotiated correctly. Investors start your engines. Search Thousands of Albany NY area homes for sale here!
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