Orange county ny short sales

With short sales becoming more and more numerous, buyers are looking at them as opportunities to get a home a below market value. While it may look like a short sale is a desparate measure on the banks part, in fact, the bank carefully determines the exact value of the home in question. It sends a appraiser to the house to determine market value. The bank then lists it at that price.. The list price on an approved short sale is the amount that the bank wants. I have had a sale where the bank listed the house at the amount the sellers owed. Now, I'm telling you this because buyers aren't aware that there are frequently more than one offer on a short sale. A buyer must determine if they think the list price is fair or if they want to offer a lower amount. Offering a lower amount may make the buyer susceptible to being outbid for a home that was already a good deal. In orange county, ny right now, foreclosures are drying up, there are less and less of them, making short sales the primary means of getting a home below current "retail" values.
Asa Lennon
Associte Broker
RE/MAX Becnmark Realty Group
845-978-8560