Home foreclosures have been the buzz for some time now.  The reality is that a home does not have to be in foreclosure for you to get an amazing deal.  Many homes are in default, meaning the seller is behind in their mortgage payments.  When home owners are in default lenders are taking less than what is owed on the home to get the mortgage off their books.  This is referred to as a Short Sale.  These homes also tend to be in much better condition than foreclosured homes.  I am seeing homes sell through a short sale for 20 to 100 thousand less than what the homes are listed for just because the lender is willing to take less than what is owed on the home.  Why would they do this you might ask.  Simply put, lenders borrow money to loan you money.  If they have lots of defaults on their books it shows poor managent to their portfoilo thus decreasing the future dollars they could receive for lending to consumers. 

The two most important questions to ask a seller when buying a home is. . .Why are they selling?  The answer to this question will tell you the sellers motivation.  Listen carefully, they may tell you they are in no hurry yet they have been job relocated.  The next question is . . . How long has the home been for sale?  They length of time a home is on the market is a huge factor in the sellers motivation.  It dosen't matter if your selling a boat, car or a house, if you have had to sit on it for months your ready to move it when an offer comes along.  Having these two questions in your mind when home shopping will save you ten of thousands of dollars. 

To get a free list of short sale properties in Mandeville, Covington and Madisonville Louisiana plus a list of homes that are in default in these same areas log onto to www.nolaPropertyFinder.com  or Call me Wayne Turner direct. . .985-789-9243.