It’s true!. We haven’t seen opportunities like this in years, and contrary to what the media is saying, this is one of the best real estate markets we have seen in a very long time. Why? Because sellers are desperate to get out of bad financial positions.
When mortgage companies began offering no interest loans with zero down and no proof of income required, a large portion of America decided it was time to buy a home they couldn’t afford on the hopes that it would continue to increase in value the way it had been doing in 2005. In order to get into those loans, they had to agree to outrageous lender terms and many of them went with adjustable rate mortgages without knowing it. Prepayment penalties, adjusted rates and higher monthly payments are what most of the distressed sellers are dealing with. Now that their rates have adjusted, they simply cannot afford the home that they really couldn’t afford in the first place.
With that in mind, the buyer has an advantage over the seller when negotiating a sale because the seller must get out, and short selling their home can be less damaging to their credit than foreclosure. There are a ton of properties on the market that you can get for a great bargain. Buy now, sit on your house for about 5 to 10 years, and you’ll probably experience a fantastic return on your investment. If you wait, you’ll miss out. Call me today to discuss your options. (602) 312-3262.