The difference between the prices of traditional resales and shortsales is shrinking.While short sales and foreclosures used to be a “deal”, they are not anymore. The banks have learned the “trick” – they increased their prices and are less and less willing to settle for a lower price. Considering the fact that foreclosures are a “buy as is” transaction and buyers can’t even get a seller disclosure, the attraction of short sales and foreclosures is diminishing.
Hence, home sellers shouldn’t be hesitant of selling their houses because of the fear that short sales and foreclosures in their neighborhood reduce their home value. In the current market, home buyers prefer “vanilla transaction” and not short sale.
In traditional resales, home buyers are not at the bank mercy without the ability to negotiate, in other words – in a traditional resale you can speak to a human and not to an excel sheet and most humans prefer that. Additionally as…
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