There are soooo many great deals out there one would be crazy not to snap at least one of them up.
I know, it takes cash or good credit and knowledge that you will have some income during these recessionary times but barring that homes are selling at prices not seen since the 1990s. Here in the Carrollwood North Tampa area home prices are down 50% in some places. I just wrote a contract for a buyer on a stunning home in Fishhawk. This one is a David Weekley home that is a short sale and it will probably go at about 50% of what it originally sold for when it was built. Investors are having a field day, buying lower priced newer homes and using them for rentals. Some are even flipping them for a profit. The down side is that it is like the wild wild west out there in the short sale market. One has to be real careful. Had one deal my buyer turned down, where the agent was somehow involved as an intermediary and my buyer would close with the agent and he would turn around and close with the seller and the sellers lender. They had all these additional contracts that my buyer had to sign so I advised my buyer to take it to an attorney first. He said forget it and I don’t blame him. Overall most are on the up and up but if something smells fishy, it stinks. That’s my opinion, tell me yours.
