Tuesday, February 26, 2008
Short Sales vs. "Normal" Sales
Agents and their buyers are far more apt to make an offer on a "normal" property than a potentially more lucrative short sale especially in a 1031 exchange situation. The best values in the market right now tend to be the most difficult. The "deal" that you see may not even be deliverable - full price or otherwise. This is because a short sale listing is probably not sanctioned by the true seller - the bank or more difficult - the banks. Therefore, a valid offer may languish in committee and a straight forward acceptance or rejection may never come. If you are in an exchange - this is not for you. 45 days go by fast. Therefore, the perhaps not so well-priced, yet deliverable normal sale seems far more attractive when you need or want to act quickly. Of course, there are strategies to counter act this - and that is for another blog entry - I've got to keep my numbers up!