Foreclosure in 92692>Question Details

Jamminzee, Home Buyer in 92692

I'm intrested in buy a pre foreclosure property in dana point Calif. its being offer at 999,000 where should m

Asked by Jamminzee, 92692 Mon Aug 3, 2009

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You definitely need to know the comps first, because if it is a short sale listing agents usually list below market value to attract alot of buyers, but that doesn't mean it will sell at that price. The reason being the bank will send out an appraiser prior to accepting an offer to make sure they are getting close to market value. If you really love and know the factual value, then you should write a strong offer with no regrets. The market is stablizing, and take advantage of the great rates. We may never see these low rates again.
0 votes Thank Flag Link Mon Aug 6, 2012
Hello Jamminzee,

this is easy to figure out, Email me the address and i will provide with Fair Market Value and complete details.

Jennifer Shamoo
Realty ONE Group
Email@JenniferShamoo.com
http://www.ShamooTeam.com
0 votes Thank Flag Link Wed Jul 4, 2012
Hi Jamminzee,

If the home is in pre-foreclosure it is most likely a short sale.....there are people who go into foreclosure due to personal problems and are not upside down, but that's rare. If it's for sale, it will be listed in the MLS with a listing agent. What you need to do is find a Realtor to help you. We will run comps to make sure the price is a good one (most short sales are priced VERY low) and negotiate the terms. Then you wait for bank approval.

Although you can wait a long time for the short sale approval, once you get it and their terms, the escrow process is exactly as if it were an equity sellers. We would then do home inspections and get the financing etc. The worst part is the waiting.

Karen
0 votes Thank Flag Link Wed Jan 6, 2010
Jamminzee,

The pre-foreclosure (short-sale) is offered at $999,000, that is what the listing agent came up with when they did the comps.
The owner (a bank or title holder) is going to send an appraiser to see if the value of the property and the title holder is going to counter or honor the listed price.
Also, it all depends how many buyers are out there trying to buy a home as well. Multiple buyers will submit offers higher than the listed price.

Hope this help,

Jes Sierra, B.Sc.
Realtor®
0 votes Thank Flag Link Sat Aug 22, 2009
What do you mean by Pre Foreclosure? Is it in default or has a notice of sale been posted? There are alot of facts you need to find out and information you need to gather to even see if this sale is a viable possibility.
0 votes Thank Flag Link Sat Aug 22, 2009
Jamminzee,
It all depends on view, location, size, age and condition of the considerably home. Dana Point is one of the cities where home prices vary considerably with location. So you need to know the comparable sales from the same neighborhood and understand the current trend. In the price category you mention there is still downward pressure on price but if it is a great house with a spectacular view it may get bid up over the 99k price.
The most accurate answer to your question would be answered through doing a thorough analysis of the neighborhood and comparable home sales.
0 votes Thank Flag Link Fri Aug 7, 2009
Jamminzee,
Did you want to know where your offer should be? That depends on location, sqft, #bedrooms, condition, you can email me or call for some answers.
0 votes Thank Flag Link Thu Aug 6, 2009
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