Showing posts with label distressed properties. Show all posts
Showing posts with label distressed properties. Show all posts

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.