Are Lake Martin short sales usually good deals?
Maybe. Just because it’s a short sale or foreclosure does not necessarily guarantee that it is a good deal. You still have to go through the same thought process to make sure the value is there as a buyer. One recent successful short sale I did was under contract for just over three months. Usually on Lake Martin, once you get under contract, it takes anywhere from 30 to 45 days to close. Hanging on for 101 days was brutal, for both the seller and the buyer, and I was helping both sides in that particular deal. Patience was running thin, but in the end, both sides felt it was in their best interest to go through with it. When I deal with sellers on short sales, I strongly encourage them to consider short sales before foreclosure. You might as well run the numbers with your CPA and lawyer to see if it’s in your best interest. 6. What takes so long? Why do some banks “drag their feet” so much with a short sale on Lake Martin? From talking with my friends in the real estate industry, this
