Many people are hearing that buying property through a "short sale" is a bargain way to buy real estate. Although it is true that "short sales" can be an excellent bargain, they can also be uncertain and frustrating.

A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid forecloser, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers.

However, buying a "short sale" property can take up to 4-6 months to get lender approval and up to 1 year to actually close. In addition, when you buy a short sale property or REO (bank owned property) you are generally buying the property "as is".

Unless you are a contractor or handyman or have had a home inspection on the property and know exactly what you are getting into, you may be getting into s property that will cost you more than you bargained for in repair costs. Often people who are faced with possible foreclosure or are unable to keep up with their payments also do not have the finacial ability to maintain their homes and the home is allowed to deteriorate.

When it comes to a "short sale" you must weigh the consequences of wiating for lender approval or buying in today's market and taking advantage if the tax credits, low interst rates, FHA loans, etc. While you wait....you may miss out on some great deals.

So why buy as "short sale" proeprty or an REO when you can purchase a ready to move into home in a great neighborhood for the same money?? Many sellers in today's market have lowered their prices and some even offer owner financing. This can be a great plus when faced with some of the more rigid lender requirements making it dificult to qualify for a loan in today's market. (see my blog on seller financing)

Give us a call today to see what great baragins are available in Taos real estate or homes for sale in Angel Fire. We are here to find you the best deals in Taos homes for sale or condos and homes for sale in Angel Fire.

However, if you have the time and the patience necessary to buy a "short sale" proeprty, we will be happy to assist you through the process.

This is a great time to buy Taos Real Estate or Real Estate in Angel Fire so give our agents at New Mexcio Mountain Properties a call today. With offices in Taos and in Angel Fire, we are here to serve all your real estate needs.