While the D.C. metro area is at the forefront of the housing recovery, even this market has some areas where distressed properties make up a large portion of the market. Various sources suggest that in 2011, distressed properties could make up 35 percent or more of the nation’s home sales. While short sales and foreclosures aren’t for everyone, buyers should understand the impact of excluding these from their shopping lists.
Buyers should explore the nature of short sale transactions and why they should not be afraid to engage with these properties. With the right approach and reasonable expectations, buyers of short sales could land a deal—especially when coupled with today’s ideal affordability conditions. It's an opportunity for buyers to get a great deal and for sellers to avoid foreclosure.
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