The market we are currently experiencing is very different from the market we were in the past 5 years. With the mortgage difficulties we have experienced to decreased property values to foreclosures, who can make sense of it all? If you are in a home where you owe more on the mortgage than your home can sell for in this market, what are your options? First you can contact your mortgage holder and try to renegotiate the terms of your loan. If the bank is not in favor of this approach you can sell your home as a short sale, this is where you own more on the mortgage than you can sell it for. This is a process the bank will be involved in the final approval of the sales price and terms.
My first involvement in a real estate transaction was on a foreclosure property in Silver Spring. The property was in total decay, and needed everything improved and replaced- except for the bathrooms. What made it so attractive was the price. That was one of the few that would have been available over a decade ago. Now, everywhere you look there are foreclosure properties and everyone wants to see them- warts and all! Let's explore some of the benefits and problems involved in REO transactions:
Price: The oldest trick in the real estate brokering game. Drop the price low enough, and people start to pay attention. This was the original motivator for looking at foreclosure property- getting a