Are short sales a good deal?

You may be hearing alot about short sales these days. A short sale is a real estate purchase whose proceeds fall "short" of the balance remaining on the home's loan. This is often the case when a bank has foreclosed on a home, preferring to sell it at a loss than pressing the owner for continued payments. While it may seem like there is an opportunity to save on a foreclosed home, there are some potential negatives to this kind of purchase that make buying a new home more favorable. Consider the advantages of buying a new Riverside Home versus a short sale:

	Riverside Homes	Short Sale
Ability to select features Add a den or bonus room, bay windows or other structural features.
Ability to select colors; interior and exterior Make color choices to make your home uniquely yours!
Choose home site location You get to choose the home site where you'd like your home built!
Builder home warranty A new home warranty means less worry after you move in!
Peace of mind (i.e., knowing what's "behind the walls") It's a new home made with new materials!
Never lived in a brand new home It's brand new and it's all yours!
Know the home's history You don't have to worry about what the previous owner has done to the home. You're the only owner.
Immediate response to offers and other negotiations Make an offer and get a quick response while a short sale can take weeks to months!
Home inspection and walk through with the Builder Walk through the home with the builder to note any final fixes.
Furnace, plumbing, electrical, and appliance orientation Learn how to use your brand new appliances!
A signed contract means you can count on closing Get a move-in date you can rely upon!
Move in without having to immediately make repairs It's a brand new home, not a fixer-upper!
Appliances (stove, dishwasher, etc.) still under warranty If something goes wrong with your new appliances you're covered!		Maybe
	Find your new Riverside Home

Other things to consider about short sales

• With the recent drop in land prices, we can build you a brand-new home for nearly the same price you would pay to get a comparable short sale or foreclosure.
• When you buy an Riverside Home, you can see what you are getting as the home is being built.
• If you build a new house, the market-value will likely go up faster. Newer homes are more attractive when you resell.
• Life happens. You might have to relocate or make a lifestyle change shortly after you move in. Newer homes are more attractive to prospective homebuyers because resale homes may require renovation or updating to make it livable for the modern homebuyer.
• Better quality. Many of the fly-by-night builders that were building during the real estate boom are gone, but their products are still on the market and many are the current repos and foreclosures.
• In most cases, when offering on a short sale, you are competing with several other offers, which eventually drives the price back up to, or even over, market value.