Why Short Sale?

Isn't these Short Sales just dropping the value of homes?
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June 12 2011 - College Park
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No. Short sales are selling at market value, or close to market value. They are also keeping the market moving. A short sale will keep foreclosure off the homeowner's credit. That's why they do it. The bank saves the cost of taking the property to foreclosure, which is one reason the bank does it. It's a win, win, win, win - for the struggling homeowner, the bank, the Realtor and the overall economy. I would be happy to explain this to you further, in detail. Feel free to call me anytime.

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June 12 2011
Not, anymore. From what I have seen in Central Florida....the banks have caught on. They are sending 2 and 3 appraisals to properties to ensure that they (bank) are selling at optimum value and often slightly over the Fair Market value! Just because the property is being sold less than what the homeowner owes does not mean the bank is taking less than Fair Market price.

Short Sales are very popular because everyone wins, Bank is making their portfolio look better by getting rid of bad loans, borrower gets out from under water and can buy again in 2 years, and market starts to stabilize from sale.

Feel free to Call, text, or e-mail if you have any further questions on that or for a free analysis of what your home is currently worth. I personally do BPOs (mini appraisals) for the bank and let them know the value of which ever property they send me so I know exactly what number they are looking for in case you are looking to short sale.
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August 26 2013
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June 12 2011
No, the values have already dropped.  The  owners owe more on the house/building than the current market value; therefore, the new selling price will be less than the current mortgage owed.
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June 12 2011
Profile picture for wetdawgs
Most short sales are lower than the owner paid (or at least owes), but the market value of the home is what someone will pay for it.  Few short sales are in the bargain basement bin.
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June 12 2011
 
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