#1 Buyer's Representative
Keller Williams Realty
Feel free to contact me. I specialize in REO bank-owned and Short Sales.
Sara Mehrpouyan CDPE
Cal BRE Lic # 01352758
Keller Williams Estates Calabasas
Short sale can take time to close and a selling agent has a little to no control over this transaction.
I just noticed that the question is posted in 2010, things are changed, priced dropped, we see a lot of short sales these days.
for example right now in Woodland Hills( houses=sfr)
115 active listings
54 are looking for backup( most of them SS)
25 are on hold( most of them SS)
113 houses in Escrow( pending)
Lowest price: 349k for active
Highest: 3,550,000 for active.
Most of 115 active listings are standard (not that much REOs and SSs)
Let me know if I can be of service, I am a local Woodland Hills and West Hills realtor.
in today market is more short sale than regular or REO. I highly suggest you should not avoid short sale.
Off course there is the downsize when you buy short sale/ REO compare to regular sale, which is:
Short sale you have to prepare the Waiting period, could be within 1 month to 1 year just to get acceptance on the price and terms. between those time, seller can change their mind to sell while waiting bank to approved short sale.
REO or Short sale is none negotiable deal. whats is mean when they accept your offer, they mostly counter you back with no repair. sometimes no termite or accept property AS-IS no home warranty
Since you may get better deal for REO or Short sale, you may consider extra cash for some repair, especially REO, some of REO's home I saw they are in bad shape not liveable.
Before you think about to buy property, please consult with your lender as well what type of your loan is. FHA loan has certain guidelines that will not let you buy home fixer upper, or not liveable.
Below is the link to the different between REO and Short Sale home.
My suggestion is keep looking even if you put offer on Short sale or REO.
If you have any more questions regarding buying, feel free to email me firstname.lastname@example.org
Have a great day
The market is flooded with short sales and foreclosures. You should look at anything that might be of interest to you. The banks are often anxious to be somewhat flexible on these homes. Please note that short sales might require some amount of time for the banks to ok a price that you might offer on a property, so be prepared for this should it happen. Otherwise, there are so many opportunities that you should be though in your searches. I understand how the banks work , and can be quite helpful in dealing with banks, and standard foreclosures.
Let me know if I can be of any help to you.
I think you should never avoid any property that you have a interest in. Location is so important. In this market you need great connections and experience to get the job done. Please take a look at my track record at http://www.socalrepohomes.com and click, "Recent Home Sales." I also work and live in Woodland Hills, our company has been around for over 10 years. I look forward to assisting you with any of your Real Estate needs. Thanks!
NIMA J DAVANI MBA | REALTOR
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Please contact me if you need help to find the Right Property at the Right Price to close at the Right Time.
Home Sales Pro
Pinnacle Estate Properties
You CAN get a short selling bank to pay for all or most of Termite Inspection costs & Repair. An REO, to my knowledge won't allow this sort of credit.
You CAN get a short selling bank to pay up to 3% of your closing costs. On an REO with the steep competition of other bidders, your offer asking for a 3% closing cost credit, probably won't get accepted.
You NEED to work with an agent who's going to be aggressive & look for potential short sale or standard sale listings that aren't necessarily current ON the market.
I am not in Woodland Hills, honestly that's a little far for me to work with a buyer, but if you'd like me to INTERVIEW & find you an agent who's going to be aggressive like this, please email me directly & let me know. I do know some great agents in that area, but I need to weed out the ones who aren't & ARE Really working short sales.
Realtor Since 1996
Don't rule out short pays but you're better off finding an REO or standard sale due to the time frame of getting a short sale approved. In a short sale you need approval from BOTH the Seller and the bank and that's why you need to allow at least 30 days before you can even open escrow. REO's are much more straighforward as you're buying directly from the bank. However, don't expect much flexibility on price or terms. Many times they won't allow any credits for repairs as they think you're getting a steal anyway.
I hope this helps. Please feel free to contact me anytime. I live in Woodland Hills, Carlton Terrace to be specific, so I am very familiar with the market and the homes here.
If you do not need to be in a home for at least 3 months from now, then you can look at shortsales. Yes, they do take time to close and it is not guaranteed that the seller's shortsale lender will approve the transaction. It is not even guaranteed that the seller has the property on the market in good faith, they ,may just list the property to stall foreclosure proceedings. However about 60% of the inventory are shortsales, so if you are not pressed for time, you should definitely consider shortsales. Other shortsale issues to consider, you will not get any repair credit, you have to purchase the property as is, and if you are relying on an FHA loan, be prepared to pay for all lender required repairs. BUT, if time or money is not an issue, consider shortsales.
Also consider REOs but be prepared to not get enough disclosures regarding the existing condition of the property and it is also difficult to get the REO owner to pay for repairs. Their purchase contract addendum usually transfers the risk of everything that could happen to the buyer. So it may be difficult to get damages if it turns out that the property you purchased is a lemon.
Clearly, regular sales are the most convenient for timing and negotiating terms that benefot you the buyer and getting adequate disclosures regarding the condition of the property. However, if timing, money, disclosures or financing are not issues for you, you should consider all 3 types, shortsales, REOs and regular sales.
I will be happy to review your situation, specifically and advise you better. I have closed 100% of my shortsale transactions so I will be happy to assist you with shortsales, REOs and regular sales. Please call me at 818-825-6996 or visit my website at http://www.BogunRealtyAndLuxuryHomes.com.
Other useful links:
Best Home Deals in Woodland Hills: http://bogunrealtyandluxuryhomes.com/RealtorWebPage?custompa
Bargain Luxury Homes in Woodland Hills, Hidden Hills, Calabasas: http://bogunrealtyandluxuryhomes.com/RealtorWebPage?custompa
Foreclosures + Bank-Owned Homes in Woodland Hills: http://bogunrealtyandluxuryhomes.com/RealtorWebPage?custompa
Short Sale Homes in Woodland Hills: http://bogunrealtyandluxuryhomes.com/RealtorWebPage?custompa
Fixer-Upper + Bargain Homes in Woodland Hills: http://bogunrealtyandluxuryhomes.com/RealtorWebPage?custompa
Seller Financed, Owner-Will-Carry, Lease-Option Homes: http://bogunrealtyandluxuryhomes.com/RealtorWebPage?custompa
Fast-Track Short-Sales are Available to Home-Sellers in Distress - APPLY HERE!: http://bogunrealtyandluxuryhomes.com/RealtorWebPage?custompa
Don't Pay Another Cent in Rent to Your Landlord Before You Read This FREE Report:: http://bogunrealtyandluxuryhomes.com/RealtorWebPage?custompa
Bogun Realty and Luxury Homes
CA Department of Real Estate License #01479541