Sunday, March 20, 2011

Short Sales and Foreclosures

Have you been searching for Short Sales and Foreclosures in Whatcom County, WA?

I have received several foreclosure and short sale inquiries in the past few months. Many people are not aware that short sales and foreclosures are not necessarily the best deals in Whatcom County, WA. When you are searching for these homes there are a few things to keep in mind. 

With the market changes in the past couple of years, many home mortgages have increased to the property values of the past. Home values have dropped and now many people owe more than their home is worth. Many homeowners either bought their homes at a higher price than it is worth now or took second and third mortgages out when the home value was higher. Today's short sales and foreclosures are a reflection of this and may not necessarily be the best deals available.  These circumstances have limited many homeowners in the negotiation process and have left the negotiation up to the banks. 

There are many great deals in Whatcom County, WA that are not short sales and foreclosures and those homeowners are in a position for negotiating more than the banks. Many banks are already asking less than what is owed on the home and are not willing to come down much further on the price. Homeowners that are trying to compete with the current home values and do not owe to the limit of  their property values, are in a position to negotiate more with buyers. Some are relocating or down sizing and are able to sell for less with the intention of moving on to another great deal as well. 

I strongly suggest you keep your options open when searching for homes in Whatcom County.  Search for all homes available in your price range, short sales will also be included. That way you won't be overlooking a great deal. 

Another thing that home buyers do not always realize about short sales and foreclosures is that repairs before closing may not be open to negotiation. Meaning that you may be purchasing the property in as is condition. Less negotiating can lead to less of a great deal for the buyer. 

Whether or not you are considering a short sale or foreclosure, a home inspection is something I highly recommend. It is an added expense to the buyer of a few hundred dollars, but it can save you thousands of dollars later.

If you are considering buying a home in Whatcom County, WA., I would be happy to answer any questions you have or set up a search for you. Many home buyers do not always realize that having their own buyers agent does not cost them anything. My services are of no cost to the buyer. Please feel free to comment or contact me if you are interested in more information. Visit me at:

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