Our MLS (Multiple Listing Service) finally gave us the power in our software to search for foreclosures and short sales.It seems like everyone always thinks this means a good deal.
It can be a good deal, it really depends on the bank.
Even if the seller agrees to the price, you are still at the mercy of the bank. The bank will continue to market the property and may or may not sell it to you.
I am currently doing a short sale where the seller owes $116,000. The home when she bought it was worth $126,000.
She listed it for $106,000.
We have an accepted offer for $95,000 and we want the seller/bank to pay 3% of purchase price towards closing costs.
We will see. My client might sit there for 45 days and get nothing.
It can be a great strategy if you are patient, and not that concerned if the deal goes through or not. I will help you either way.
I look forward to working with you.
Thanks Burke Bennett
http://www.seidahohomes.com
208 589 5599
burkebennett@hotmail.com
