Many buyers feel that foreclosures and short sales are the best way to find a bargain.
I'm so sorry to burst your bubble, but you've been mislead by wives' tales if you truly believe that.
Let's break this down so that you can clearly understand how this is not true.
What happens when a bank-related property is put up for sale? Is it sold any differently? Is it put on a different type of Multiple Listing System?
There obvious answer is - NO.
What happens if an owner puts their property up for short sale $100,000 below market value? Do you think you're the ONLY buyer in town that is aware of it and is going to write an offer on it? Of course not. There will be 100 other buyers and investor/buyers (probably with a wheelbarrow of cash) that will all be submitting offers on the property which will drive the price up to, and in many cases, over market price.
ANY BANK RELATED PROPERTY WILL HAVE A BPO (BROKER PRICE OPINION) DONE ON THE PROPERTY BY THE BANK BEFORE THEY MAKE ANY DECISIONS ON APPROVING AN OFFER. IT'S ALL ABOUT THE NUMBERS WHEN IT COMES TO THE BANK. THERE ARE NO EMOTIONS WHATSOEVER WHEN THEY ANALYZE THE FAIR MARKET VALUE OF THE HOME.
Now, on the other hand, an owner who is not upside down on their property whom has a fair amount of equity in the property IS INDEPENDENT OF NUMBER MATRIXES AND BUREAUCRACY. THEY ARE THE ONLY TYPE OF PROPERTIES WHERE THE OWNER HAS UNILATERAL POWER TO ACCEPT AN OFFER.
What if they need to sell? What if they HAVE to sell? What if they need to relocate in the next 30-60 days for whatever reason and don't have time to wait and see if they can get an extra $50,000?
Don't you see, people - IN THIS CURRENT MARKET WITH MANY BUYERS OUT THERE, THAT IS HOW YOU'RE GOING TO GET A BARGAIN, NOT ON A BANK RELATED PROPERTY BUT ON A OWNER-OCCUPIED PROPERTY THAT HAS AN EXTREMELY MOTIVATED SELLER!
And there's no other professional who has the knowledge and access to necessary information and negotiating skills than an EXPERIENCED REALTOR. They have the capacity to snoop into these things moreso than anyone.
Find a well-seasoned, reputable realtor and let them find and negotiate that bargain for you.
