While the Madison real estate market has remained relatively stable compared to many other areas in the United States, there are still Madison short sales and REOs that the interested buyer should check out. Ranging in price from under $60,000 to over $700,000 Madison short sales and REOs come in all sizes, shapes, conditions and locations around the Madison area, and if you area qualified buyer, Madison short sales and REOs may be an opportunity to discover a real bargain.
These Madison Short Sale & REO Homes were Listed in the Last 60 DaysMadison Short Sale and REO homes listings are provided courtesy of multiple SCWMLS brokers. Please click on the thumbnails for expanded home details including the listing brokerage.
Some Things to Remember about Madison Short Sales.
Keep in mind that Madison short sales are usually being sold in what is called "as is" condition and that offers typically are conditionally accepted upon approval of the sellers' lender. Also be prepared for it to take 90 days or more for a short sale to get to closing as the process can often be protracted due to the many approvals and negotiations the seller has to make with the lender. It is also a good idea to make sure your lender understands that you are shopping for a Madison short sale. Most lenders will understand what that means with respect to timing issues and they can advise you regarding the best financing strategies you may wish to employ.
Madison REOs are a Different Kettle of Fish.
A Madison REO, on the other hand is different than a short sale in that the bank has already taken possession of the property. REO stands for "real estate owned" and the property has typically already been subjected to a sheriff's sale in which the bank was the highest bidder. Naturally, the bank is interested in recovering as much of the outstanding loan balance as they can so if the bids are too low, they will hang on to it.
Some Things to Remember about Madison REOs.
Banks are not really in the business of selling Madison homes: they are in the money business. Their primary concern with respect to an REO is to get rid of the property while reducing their losses as much as possible. That being said, it is not very likely that the bank will want to fix defects in the property. That makes it doubly important for buyers of Madison REOs to understand the property's current condition and what repairs may be necessary to make the home habitable. Madison WI is a wonderful place to live and for the qualified buyer, Madison short sales and REOs may be a great opportunity to explore. Working with an experienced buyers agent is highly recommended and working with an Accredited Buyer Representative is a good indication of experience.
Nelson & Associates Can Help You with Madison Short Sales and REOs.
As principal broker and owner of Nelson & Associates REALTORS, I am a Certified Residential Specialist (CRS), an Accredited Buyer Representative (ABR) and an Short Sales and Foreclosure Resource (SFR), which is a new certification offered by the National Association of REALTORS that requires additional training. Contact me today and I will be happy to assist you in the process of purchasing Madison short sales and REOs, Madison homes and WI properties throughout the state. Let's get started right away!
Jon Nelson, MBA CRS, ABR, GRI, SRES, SFR Principal Broker/Owner Nelson & Associates REALTORS www.MadisonREALST8.com Jon@JonNelson.com 608-438-5230
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