Myths vs Facts~ Foreclosures... Short Sale... Traditional Sellers...

Myths vs Facts~

Foreclosures... Short Sale... Traditional Sellers...

I still have buyers ask me questions about foreclosures and short sales. I still have buyers who want to buy a house that is bank owned so they can get a 'better deal'. I still have buyers who wonder about what a short sale is. I love the questions so I thought I would share some data on the current real estate market

Myth #1: There are more foreclosed homes than traditional homes on the market for sale. 

Truth: There are WAY more traditional homes for sale than foreclosed homes for sale. 

Myth #2: I can get a better 'deal' on a home because it is a foreclosure.

Truth: Banks are well aware of the market conditions and they have a number to net. Period. They are not going to 'give' it away just to get it off their books.

Myth #3: Short Sales are quick. 

Truth: Short Sales have become much quicker than they once were... but, quick is definitely still not a word that I would use to describe a short sale. 

The Minneapolis Area Association of Realtors has great information on this topic. 

Please look at this link and see all the numbers!

Please let me know if you have any questions on traditional sales, foreclosures or short sales.