Tuesday, February 8, 2011

Short Sale Property

We just bought our first condo property and the experience of home buying is thrilling and tiring. It is very stressful yet fun. The excitement of becoming a home owner is adrenalin pounding and there were moments that we wanted to quit when our offers were declined. Then, we learn the strategy of making a nice offer to the seller. All in all, the experience taught us to pursue what we want and persevere the odds that gets on our way. Right at this moment, we are settled in our two bedroom and two bath condo. We love our place and we don't regret to have this property as our own.

The next project is to find another house or a condo and we consider any short sale on the list. There are pros and cons when buying this type of property. It is a property listed in real estate on which the borrower cannot pay the mortgage and the lender sells the property at a moderate price thus the borrower can avoid foreclosure. For the buyers view, a shortsale property is a bigtime luck because the price is usually LOW but, if the borrower/owner decided not to sell the property because they finally resolved the financial issues to their lender, the buyer ends up losing their hopes and will then be discourage to pursue another shortsale property.

Knowing this fact, we are ready to consider the short sale property. We are not on the rush to buying a property so, if it would take a year of waiting, we are alright with that. Tomorrow is day 1 of finding our next property. Wish us luck guys.

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