Just wondering if anyone has any experience / insight at taking advantage of some of the low prices on real estate in the US, particular to Las Vegas / Phoenix.
Both places have an abundance of fairly nice (and some not so nice) properties that are sitting at 70% of the price they were a year or two ago.
I was in Las Vegas last week and looked at several nice Condos in the 30 - 70 thousand dollar range.
Some foreclosures, and one in particular that was listed as a "short sale"
Quote:
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A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan.[1] It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency.
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Any insights / advice would be appreciated. I am back in Calgary now but will be heading back down to explore a bit more soon.