Short sales have been very good for us especially in the 4th quarter of 2008. In December alone we were able to close 3 short sales. In every case the homeowners were given releases by their lender. In some short sales the sellers lender requires the sellers to "help" financially with the loss. We have many others in the works one of which the lender has agreed to while granting over 550k in forgivness to the seller. Banks seem to be getting a little easier to work with.
Foreclosure sales should be picking up in this area with all the "free" money coming in. These funds will help first time buyers with closing costs, the purchase and improvements needed. There are many good deals out there right now on foreclosures, but it should get even better in '09.
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