Tuesday, June 28, 2011
Then 2006 happened. Everyone sort of knew what a foreclosure was, but what the heck was a "short sale?" And then when we found out, a lot of us said things like, "I'm not going to do short sales or foreclosures... They're complicated and a lot of work... blah, blah, blah." And then time went by... and the market fell further... and the distressed market became 60% of total sales (which were precious few to begin with).
But guess what? The bottom of the market is now "hot." These things are selling. If you find one that is low and priced correctly, it will fly. Anything under $100,000 that is clean... and not a short sale... is like a diamond. People will fight over them. And, unfortunately, it often brings out the worst in many. Ethics get cloudy. It used to be that if we asked, "Is this unethical?" the answer was, "Probably." Now the answer to that question is often, "Whatever!" I guess it's that old adage, that "desperate times create desperate people."
Remember studying "Supply and Demand" in school? And the concept of "Caveat Emptor" (Let the Buyer Beware)? I'd advise reading up on both if you are jumping into the real estate market - as a buyer or a seller. And shop around for a good Realtor. Ask hard questions about how they handle bank and short sale issues and multiple offer scenarios. Listen well and their answers will tell you a lot about them...