I think the first question is why do you want to limit yourself to short sales or bank owned? Second, are you in a position to 'win' with your offer on those types of properties. Here is what I see as the typically successful offer for those properties (which have declined as a % of total market):
- All cash or at least 35% down
- Excellent credit
- Accept no to little repairs (after inspection)
- Many have past due HOA fees that they require a buyer to pay
- Willingness for a longer than normal escrow (Short Sales)
If you don't fit that model, then you may be banging your head against a wall, as offer after offer is not accepted.
By no means am I saying don't look at them, but I would not limit myself to only those types of properties. In addition, as the markets have heated up, banks are pricing properties very similar to traditional sales. Gone are the days of 20-25% below market pricing.
Hope this helps,
Kindred Real Estate
CA DRE# 01402946
Where are you living right now? Short sales vary with location, seller's lender, etc.
With prices increasing for the last 15 months in a row, short sales and foreclosures will soon be a thing of the past. I would move quickly, if you are looking for a "distress" sale. Email me if you need any help. Best,
Balboa Park Realty, Broker/Owner
In our area, inventory is very constricted. Buyers are scrambling to buy the scarce number of homes that are available. The strong demand in the face of the reduced number of homes that are on the market is a classic overbalance of supply vs. demand and prices are being pushed up.
Distressed house sell for less if they are in bad shape not because they are short sales or REOs. Distressed houses that are in good condition are selling very strongly in the current market.
I can send you listings now, so by the time you're ready to get pre-approved and visit homes, you'll have your search areas and criteria narrowed down already. It never hurts to get to know your market(s) early.
Let me know it you have any questions at all.
Cory La Scala, REALTOR
Lic # 01443391
I would recommend looking about 6 months prior for short sales and 60 days prior for REO's and Foreclosures. Unfortunately by June 2014...those types of sales will be in the minority as the values have gone up 15-20% in the last 18 months.
I would be glad to give you access to some searches now so you can "track" the market for the area you are interested in as it's good to start early.
Keller Williams Real Estate
The market for buyers is extremely competitive!
Do not limit yourself to foreclosures and short sales...there are very few of either...the market for these has really come and gone.
Please let me know how I can help you!
Cindy Davis, Broker
In my opinion, don't limit your search to bank owned or short sale properties only. If that is the seller of the home you choose, plan on it taking a little longer than an equity/normal sale if it is a short sale. The banks are actually getting up to speed if they already own the home.
Cowles Mountain Realty
Treasurer San Diego Association of Realtors 2012, 2013, 2014
Board of Directors California Association of Realtors
-- Rod --
31 Years of Service to the San Diego Families