ShareThisBanks Are Creating A Sellers Market For Their Short Sale Properties
In some parts of Maryland banks are creating a sellers market for their short sale properties by lowering the price well below what the seller originally paid for the property. This creates competition and a sellers market for that particular property. I have witness properties that were originally purchased for $486,000 being sold by the bank for $399,000 and buyers biding higher than $399,000 just to be competitive. One property that was listed for $399,000 sold for $452,000 because buyers started a biding war. You can get a great deal on a short sale property if you get it early before a lot of other buyers realize its a good deal and start biding higher. If you find a property that is a short sale and the price is right move quickly because it could take a week or two before the bank gets back to you with a decision. This leaves the door open for other buyers.
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