Why Are Charlotte, NC. Short Sales A Good Deal?

There are a lot of homes for sale...In Charlotte, NC. approximately one third of all sales this year have been either bank owned or short sale homes....So why are they such a good deal? Are they really a good deal. A short sale has the potential to be a great deal for the buyer and the seller. The buyer can get a home they want at bank owned pricing...The seller can sell the home without going through a foreclosure. But there are certain things to remember when looking to buy a short sale home....If it is to good to be true then it probably is. Most Realtors start the price of the home at fair market value and then begin the decrease the price accordingly if there are no offers until they get to a certain point where they receive an offer on the house. The good thing is that the bank will know what the starting price is and what the price has been lowered to and at what number it took to receive an offer on the house....That is generally the number the bank can expect to receive for the house. I have negotiated my fair share of short sales on the seller side. One thing I always do is start at fair market value and lower accordingly based on showings and feedback until i receive an offer. When i receive an offer I send in the complete history of the pricing strategy i used from the original price to the asking price before I received an offer on the house. In addition I include all the feedback on the house. This helps me justify my price to the bank and help with the appraisal value of the house. if that number is significantly higher I have had banks ask for a second opinion and have sent supporting documents in to help justify the price I have the house marketed at... not always but most of the time it has gotten me the price I needed for the house. Short sales can be very beneficial and a good buy for prospective buyers. just know when you go in that there may be a wait time longer than anticipated if you were negotiating a regular conventional sale with a seller....but if you can wait the price and the deal would be worthwhile to both you and the seller.... Dave diCecco Realtor/Broker www.davedicecco.com