Always dreamed of a home at the lake?  With the market seeing more short sales and foreclosures, now is the time to get in and make those dreams a reality.

 

What is a short sale?  A Short Sale is when a lender agrees to accept less than they are owed for an outstanding loan on a property.  During the Short Sale, although the bank must approve the purchase price, the home is still owned by the Seller.

 

What is a foreclosure?  A foreclosure is when a lender has already taken over a property and is actively trying to sell it.  During the Foreclosure sale, the home is no longer owned by the Seller.

 

Due to the fact that properties have been purchased at less than conventional methods during the last number of years, with loans being funded with 100% financing, negatively amortized loans and any number of other unsound methods, the true value of homes was not recognized.  With a slow down in the real estate market and the falling back of home prices, this has resulted in homes not being worth the original sales price and the owners not being able to afford to pay the mortgages, nor being able to sell the homes at the price they paid.  The further result has been that many people have not been able to pay their mortgages and are being foreclosed upon by their lenders or facing the eventuality of loosing their homes back to the lenders.  This, multiplied many thousands of times across the nation, has caused the current dilemma we are seeing in our market. 

 

This condition, albeit extremely sad, has created an opportunity for buyers, that have the financial strength, to take advantage of this situation.  It has allowed savvy buyers to buy a home at less than the previous market costs and many times at more favorable interest rates. This has allowed buyers to save many, many thousands of dollars.

 

The above being said, finding these properties and negotiating through the legal entanglements can present a challenge to the average buyer.  The Schaller Family Realtors specialize in solving these problems, stress free.   We would consider it a privilege to assist you in your search.   The Schaller Family Realtors can be reached at 800-660-0903.