I hear that a lot. Everyone wants a good deal. The problem is the definition of ‘a good deal’. Most of the time we think that means ‘buy low, sell high’ but is that all that goes into a good deal? I got a call today on one of my listings. You can see the property if you click here and I would call it a good deal but there is a catch.
It’s a short sale.
Short sales have a bad reputation with agents as something that has a low likelihood of closing but this one is approved. The lender has said we will sell it for $180,000 and we have been through the whole process to get it closed. All we need is a buyer at $180,000 and we can likely close it in 60 days or less. That’s for a 4 bedroom, 2.5 bath home in a good neighborhood in Buford, GA with good schools (scores 9 out of 10) and a great floor plan. We have a very private, fenced backyard with a covered patio. The home is in great condition.
That call I got this morning was from an agent in town with an ‘institutional investor’ looking for a good deal. His definition was ‘buy low, hold and rent’ but his numbers don’t work for this one. I would say he is being too conservative but it’s not my client. I think that buyer is shopping for something that used to exist. Our market has changed in the last few months.
Today’s market is really running hot with limited inventory. I have 3 months of inventory in that zipcode and that’s a very solid sellers market. The bank that has to approve this deal knows that and they are willing to wait but as we wait the values are going up. We just put it on the market at the approved price of $180,000 (about 10% below the peak) and we have several showings.There is one house in the area for less but it’s much smaller and older and it’s an ugly blue 🙂
The housing market is much healthier than it ever has been and with low inventory I know this one will be a good deal as it appreciates and provides a place to live and enjoy. If you or someone you know is interested in living close to shopping, easy access to the freeways and a quiet suburban lifestyle this is one to check out.
It’s a good deal 🙂
Call me and we’ll arrange a private showing.
Thanks for listening,
- Acceptable discomfort
- It’s Monday