short sales and foreclosures, I can't deny it, they are here to stay

In the past, I have been very leary of short sales and foreclosure listings that are for sale in the multiple listing service that I use in my day to day business. Unfortunately for our economy, and unfortunately for the banks and investors that provided financing for so many properties that are now for sale, it is a fact that many of these properties that I believed would never make it to a closing table, are now showing up as closed sales.
In the areas of Skokie, West Rogers Park, Lincolnwood, Evanston, and Edgewater, I am noticing that almost 1 out of every 3 properties that has gotten to the Pending, or attorney approval/Inspection stage of a sale have the terms short sale or bank owned somewhere in the remarks.
I am also noticing that many of these properties that close are closing at 50%-60% of the amount owed on a mortgage from the previous homeowner. Wondering where the 700 Billion dollars in the bailout is going? Spend a few minutes with me searching the MLS statistics, and you will feel real queezy about the way things are going.
What does that say to buyers who are looking to buy property right now? It says opportunity is knocking. You know the old saying, buy when there is blood in the streets, and sell when the trumpets are sounding. If you can buy now, buy now!!!!
You can easily search foreclosure and short sale property that is listed in the MLS at http://coldwellbankerleader.com , this is a free search.
If you want to be steered in the right direction of how to buy a foreclosure or short sale property, call me at 312-513-4490 or email me back at earl.ruthman@coldwellbanker.com