In the ying-yang of real estate the misfortune of a pending foreclosure means opportunities for buyers. The owner of the condominium shown in the video in this link http://www.youtube.com/watch?v=V4FAkP8cXbY lost his job shortly after purchasing the property and the bank has filed a notice of default. In order to try to salvage his credit, the owner is hoping the bank will accept a 'short-sale' - accepting less than they are owed so that they too can avoid the unknowns of foreclosure. For the homeowner and lender this may provide for a better-than worst-case scenario.
For the buyer however it's all good. The property is priced at exactly what comparable sales data say's it should sell for - no padding or inflated price to allow for negotiating room. The homeowner is generally willing to endorse any offer and pass it on to the lender, who will make the ultimate decision on what price is acceptable. If there is a drawback for the buyer it is the long processing time that it currently takes lenders to respond to short-sale offers and close - ninety day escrow (or more) are the norm.
The condominium in the video is currently for sale, please contact Scott Huber (530)321-5579 for more information.
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