Friday, July 31, 2009

Update - July 31

We see some slowing down in the market in our area. There are fewer properties on the market: just 2 condo units, 3 townhouses and 1 detached house. It is normal for this time of the year.
An interesting feature of the market is that there are many potential buyers looking at properties, however very few make offers. Some are looking for foreclosures (they are rare for our area), others are strong believers that it is best to try and get a short sale simply because the price will be "right".
When dealing with a short sale, you have to know what you are doing (in orther words, you have to get an experienced certified distressed property expert, hopefully, on both ends of the deal). Otherwise, it will be a waste of time (sometimes up to 15-18 months), your security deposit will be escrowed at the time of the contract ratification and you will only get it back when you settle or when the bank refuses to approve this short sale. Most importantly, if your agent and the listing agent are not qualified to handle short sales, you will inevitably end up with false expectations and failure to purchase the property. Need advise? Call or email me.

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