Saturday, May 16, 2009

Lake Oconee short sales of lake property

My first "short sale" is closing on Monday. The buyer is getting a wonderful lakefront retreat for a bargain price (I can reveal it Monday) and the sellers are getting out of a tight market with their credit intact. And the mortgage company is avoiding owning a property in an area with which they are unfamiliar. I'm showing one tomorrow that is a spectacular, large home in one of our top golf communities. Asking price in the mid $600's, but the bank will have to approve the sale. Thankfully, as a primarily second home market, we aren't overcome with distress sales, but there are a few available. More to the point, sellers are either getting realistic about their property's value, or just taking it off market to wait for better times.

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