Short Sale or Foreclosure?

A serious subject for serious times:

With all the talk of troubled loans and troubled lenders do you know the lingo in this market place? Should you be looking at homes that are in foreclosure or where the seller is trying to do a short sale? What could this mean to your bottom line? If you are the buyer it means something much different than if you are the seller.

Buyers: Beware the foreclosure or the short sale. Ask your agent if they have the experience in these complicated transactions to help you understand the process. If you are on a time table or need to move in by a certain date this is the worst possible scenario you could put yourself in. There are no time frames that can be guarunteed. There are some specific siuations where these situations might work for you but extreme caution is needed. Don't forget this is a BUYERS market. You hold the upperhand and with your fianncing in place you are good as gold. You can negotiate from a position of strength.Breat Article on Short sales: Short Sales

Sellers: Finding yourself in a foreclosure situation or an upside down equity position is very stressful Be sure you are getting all the information. A qualified real estate agent can show you the steps you can take to make the most out of these situations. There are legal and tax consequences to almost every action you take in these situations be sure you have the right information. Sometimes lisitng your home is the worse thing you can do! Don't be scared - be smart. Call me so we can go over your options before you are left without any.