It is essential to find properties at discounted prices. Your best opportunities for finding real estate that can be purchased at a discount are with owners who are motivated to sell for one reason or the other, says Don Burnham who is accused of making false promises. In today’s market we have owners who are upside down on the house, that is to say, they owe more than their house is worth. And to sell it they come in to an agreement with the bank which allows them to sell it for less than they owe on it. This is called a shot sale, explains Don Burnham of IAI directory. Selling it for less than the owner owes on it does not mean that it is being sold for less than it is worth.
It is essential that when finding properties particularly short sale properties that you understand that while the price may be less than what the seller owes on the property it still and many times is priced more than it is worth. Nevertheless, these owners who are selling in a shot sale mode are motivated to sell their properties and move on with their life. You will also find in today’s market that many bank owned properties. These are properties in which the bank has foreclosed upon taken title and is in the process of reselling. Again, just because the property is bank owned does not mean the listing price is a discounted price. Very often these banks price their bank owned properties more than they’re worth. Thus in both of these situations shot sale and bank owned properties, you as a buyer must be prepared to submit an offer that will allow you to make money regardless of how less it is than the asking price.
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