Short sale and foeclosure notices seem to be everywhere. Are they really good deals? According to the National Realtors Association (NAR) survey they are rising around the country. Short Sales and Foreclosures may be misunderstood and an Attorny and certified short sale Real Estate Broker can answer many questions you may have. Many foreclosed homes are run down and in need of many renovations in order to get them back to the shape of their comparable neighbors. The money involved to do this may be more than your savings. This also must be took into consideration. This must be considered when making an offer as they are generally sold as is. A home inspection prior to offer is a good idea for the buyer to consider before making an offer. Closing time is usually quick with foreclosures that are bank owned, unlike short sales which must be approved by lender and may take over 120 days and still not guarantee approval. There are pros and cons with both and I will publish more in weeks ahead.
Tamara Schuster, Broker
Prudential Elite Realtor
Naperville, Illinois
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