Here is a great blog about Short Sale properties. I often get requests to send a potential home buyer some "foreclosure" and "short sale" listings because they want to get a steal of a bargain. Unfortunately, on a short sale, often the bank will not settle for less than a certain amount to cover as much as possible of the current mortgage balance. The mortgage balance could be much higher than the current property value. Every situation is different. The bank has no emotional attachment to the property, therefore, will not be as flexible with a potential buyer.
I would say that the best "deals" are those where the seller is very motivated to sell for various reasons (job change, family, etc) other than being strapped with monthly payments that they can no longer make.
Although this bog is regarding the Seattle area, it still applies to real estate in Columbus, Ohio.
Is a “short sale” a bargain? Rain City Guide
Check back for more information about buying short sale and foreclosure properties in Columbus, Ohio.
Here is a link to the current active, in contract and SOLD short sale properties in Central Ohio.
I would say that the best "deals" are those where the seller is very motivated to sell for various reasons (job change, family, etc) other than being strapped with monthly payments that they can no longer make.
Although this bog is regarding the Seattle area, it still applies to real estate in Columbus, Ohio.
Is a “short sale” a bargain? Rain City Guide
Check back for more information about buying short sale and foreclosure properties in Columbus, Ohio.
Here is a link to the current active, in contract and SOLD short sale properties in Central Ohio.
