Searching for Short Sale Condos
Posted by Veronica Hicks on Thursday, June 17th, 2010 at 7:33pm.Until recently there could not have been a worse bank to have to complete a short sale with than Bank of America / Countrywide. It would take months (actually years) to get approval - by then the buyer was long gone and the market had dropped another 10%. It was a tough process for both the byer and the seller. While it seems to be much more reasonable and managable with approval times down to about 4 weeks now! Buying short sale condos is still a really tough process but the times on market are shortening while buyers are less interested in (or actually worn out by) this process now and sellers are getting more realistic.
A tip for buyers looking for short sale condos: buyers should look at nearby condos for sale - they may find realistic and motivated owners who are offering standard sales and now realize that the short sale price will become the new value and may accept a close or slightly higher offer to avoid sitting on market. We do this for our client with a well written offer letter to avoid the short sale heart ache.
On condosetc.com buyers can search for short sale condos by using our advanced short sale search feature which will allow the user to select only those condos that are short sales and on the individual listing details, there is a tab to find "similar listings" - it is a really cool feature for users to use to find the deal!
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