How to Win with Short Sale
Are you currently facing foreclosure? Are you planning to purchase a distressed property? There’s one thing in common between the two situations - you might be considering short sales.
Learn how to win in this kind of situation by listening to this episode of “How’s the Market: Real Estate. Real Answers” with Nancy Braun, host and owner of Showcase Realty and Wes Pruitt with Reliance First Capital.
Short sale's have been around forever but recently in the last 10 years during this recession, they’ve really became a great solution for a lot of underwater borrowers. - Nancy Braun
Short sales can be a huge benefit to the borrower in a number of ways. One would be the ability to avoid foreclosure. In addition to that, it helps get rid of the negative stigma that comes with foreclosure, the embarrassment to the family, and from a lender's standpoint and from the banks standpoint, it allows them to avoid foreclosure. - Wes Pruitt
Only 64% of Americans own a home now, which is our lowest percentage since 1995. So if you're sitting on some 401K or an IRA or have some savings in your retirement fund, it maybe beneficial for you to rethink that and say, wow, I can be making so much more money from my investments if I buy some short sales. If individuals buy some investment properties and rent out the property, they can watch their money grow. - Nancy Braun
At this point, short sales are a very safe investment. The return on your investment would probably be much better than sitting in bonds or in the stock market unless you really know what you're doing. Real estate is still a safe investment. - Wes Pruitt
In most cases, you may want to reach out to an agent or interview some agents, to find out who really knows what they're doing as far as a short sale, especially if you believe you're underwater. Before its too late its a great idea to obtain really good professional advice on how to proceed. - Wes Pruitt