It's interesting how the landscape changes in real estate. Often times you can see it happening before most folks realize what's going on. That's why so many got hung out to dry when they bought in '05, '06 and '07 and are now trying to sell being upside down.
Rencently, I have noticed another trend that may impact short sales. I am not sure if the banks are predicting an increase in prices or something else, but is seems like in more instances they are much less likely to negotiate or their terms are more restrictive when negotiating their short sales.
I have seen a few "Uncommon" examples of this recently where lenders are asking those short selling their properties to sign a deficiency note for the balance owed before they will approve the sale. Also I have seen banks, while in the counterproposal process, actually increase their counter above asking price.
While not the norm today, usually we see a few examples of these practices before they become common. These examples become more frequent until they are the rule.
Why is this important? Because, if you are considering a short sale, knowing what lies ahead is important. I believe that if you are looking at a home that is a short sale, you should expect that the bank may not approve the sale. A far change from months past where virtually all short sales were approved.
Don't leave yourself exposed by becoming too attached to a home before you get final approval from the bank who is approving the sale. Give yourself a few options and consider your "Plan B". The dissapointment you save will be your own.
William Szilagyi,Williams HomeSellers,www.ZColorado.com,www.WilliamsHomeSellers.com,colorado springs home values,colorado springs homes for sale,colorado springs housing,colorado springs real estate,colorado springs realtor,colorado springs realty,foreclosed homes colorado springs,foreclosure colorado springs,fort carson housing,fort carson real estate,home values colorado springs,homes colorado springs,homes for sale colorado springs,housing colorado springs,mls colorado springs,mls listing colorado springs,mls listing colorado springs,property colorado springs,realtor colorado springs,realty colorado springs,Monument Real Estate,Palmer Lake Real Estate,Briargate Real Estate,Stetson Hills Real Estate,Fountain Real Estate,Air Force Academy,Colorado Springs Horse Property,Manitou Springs Real Estate,Colorado D20 Schools,Woodmoor Real Estate,Jackson Creek Real Estate
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