Newest figures show that buyer’s are coming back into the real estate market drawn by huge price reductions. 2 years ago there was a critical shortage of affordable housing and now it’s turned into a stellar buyer’s market. It’s also estimated that as much as 40% of the homes sold are short sales, meaning the house is being sold for less than the amount of the seller’s mortgage balance.

When successful, a short sale transaction is a big WIN-WIN-WIN situation. Sellers are getting out from under their unmanageable mortgage obligation, banks are unloading inventory and buyers are getting the deals of a lifetime. Realtors® also benefit since most lenders will not consider short sale offers on For Sale By Owner properties. Realtors® experienced in “negative equity” transactions are in high demand.

The key to being able to take advantage of the current market crises is patience. When an offer is made on a property for less than what is owed on the mortgage the lender decides whether they are better off accepting the “short” offer or foreclosing on the property. Foreclosures are typically a losing proposition for both sides and the offers from qualified buyers are welcome. Unfortunately, lenders are unprepared to handle the volume of preforeclosure situations and the wait for a decision on a short sale offer is currently running from 1 to 4 months.

While an incredible opportunity for buyers, this type of transaction can be very frustrating for Realtors® and short sale negotiators. Mark Greene, owner/founder of Short Sale Operations, LLC in Jupiter FL, explains, “since the buyer’s “due diligence clock” doesn’t start ticking until the bank accepts an offer many deals don’t come to fruition even after months of fierce negotiating. The prospective buyer may have changed their plans during the long wait.

At this point the deep-discount price has been accepted by the lender and the contract must close in 30-45 days. The good news is that the lender doesn’t really care who the buyer is once the transaction reaches this stage. It is these deals (approved short sale offers with no immediate buyers present) that offer the precious low hanging fruit for opportunistic buyers. A new website, www.RealEstateRoadKillUSA.com is receiving national attention for bringing this inventory of approved offers to the public.

Realtors and buyers are flocking to it like bees to honey (or vultures to carrion). These are the absolute hottest deals in town and all the work has already been done to prepare them for closing. Simply, it makes sense to check this list as the absolute first step when shopping for residential real estate.

Whether you find yourself on the distressed or the opportunistic side of this market be sure you are working with real estate and mortgage specialists who can present all your options. Buying and selling in “short sales” situations requires specific knowledge of the procedure to be successful. Consultations are always free at Elite Lending, 561-575-5626 and via the RealEstateRoadKill Regional Licensees that will be operating shortly. We are all proud to be serving our community in these trying times.

Real Estate Road Kill Usa .com