by rtdosen | May 31, 2014 | Uncategorized
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by rtdosen | May 16, 2014 | Ryan Dosen Real Estate Articles
Top 5 Short Sale Pitfalls By Ryan Dosen Everybody wants a deal. In the wake of the recent recession, we’ve seen a shift toward a Groupon way of life. The economic downturn has forced most of us to get more out of our dollars. We want everything for cents on the dollar. Stock shares in Dollar Tree and Dollar General has almost tripled in the last five years. But, those of us that have been through a dollar store also know a couple of things: (1) just because it’s in a dollar store, it doesn’t mean it’s a good deal, and (2) oftentimes, we could have gotten a better product for around the same price elsewhere. The Groupon culture has been alive and kicking for years in the real estate market. At the peak of the crash, savvy investors pooled billions of dollars and scooped up short sale (i.e. when a bank agrees to take a loss on the sale of a home, accepting less than the outstanding mortgage balance at closing) and foreclosure properties for cents on the dollar. Everyone wanted in on the action. Unfortunately, most of us were hit hard by the collapse and we didn’t have money to invest. Now that the economy is improving, many buyers are seeing this as their opportunity to catch the tail end of the Distressed Home Bonanza. I’m not here to tell you that the party’s over, but the days of parsing through a laundry list of homes that you can pick up for fifty cents on the dollar are long past us. While it is still possible to get a...
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