So many buyers call me asking me for a list of foreclosure property or ask about short sales thinking they’re going to get a real deal. I try to explain to them how it
works and the fact that no one is guaranteed a “deal” when purchasing one of these properties. In fact, I’ve seen many foreclosed and short sale properties where the bank won’t budge on price and the prices are simply too high for the condition of the property. On the foreclosed property I handled in Country Club Hills, the mortgage holder was ready to reduce price right when we got an offer. That fact made the lower offer more acceptable to the bank since they were thinking of reducing.
Banks don’t always understand the current market – or maybe they don’t care
I recently showed…