Home Buying in Garden Grove>Question Details

Juliet White, Home Seller in Fountain Valley, CA

Is it a good time to pursue a short sale right now when the housing prices are going up everyday like right now in OC?

Asked by Juliet White, Fountain Valley, CA Wed May 22, 2013

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9
Short sales are till good to pursue. Investors are pursuing them still
Have you gotten pre approved with an lender? That you must do.
There are sellers that are able to sell without doing a short sale since prices have been going up.
I have a few questions for you.
Talk to you soon

Ingrid Ski Realtor
949-874-0432
OCAreaHomes@gmail.com
0 votes Thank Flag Link Wed May 22, 2013
I worked full-time as a Realtor and am now in lending. It is quite possible that you can bail yourself out. If you would like to talk with a real estate professional who knows both sides of the business let me know. You can either email me or call me at 949-954-4063
0 votes Thank Flag Link Wed May 22, 2013
Juliet:

I'm not a realtor but a mortgage banker. First step - Get pre approved by a mortgage bank like my firm, Castle & Cooke Mortgage. In addition, there are a few tricks I would advise but would rather discuss in person. It's a strategy thing!

My direct cell is (949) 212-4578 if you have any mortgage financing questions. Use me as a resource!

I look forward to hearing from you.

Grant Fawcett
Mortgage Banker
Castle & Cooke Mortgage
NMLS# 832635
Ph: (949) 212-4578
gfawcett@castlecooke.com
0 votes Thank Flag Link Wed May 22, 2013
Always is a good time to pursue a short sale. SS price is most of the time lower than standard and REO sale and has less offers as to many buyers don't want to wait. This is my suggestion to all my buyers: Leave the offer there with the seller while waiting for SS approval from lender. Mean time should look for other listings that are available and submit as many offers as you can. If any of your offer got accepted then now is the time for you to make a decision to stay with the SS offer or cancel it. Short sale transaction normally take a few months to get approved. But when your offer got approved, the lender will normally give you the # of days to close the deal as you wrote on your offer.

Best,

Joanne Phan
RE Broker/ CRS/ePRO/ SRES/GRI
714-448-6399
http://www.JoannePhan.com
email: Joanne@JoannePhan.com
0 votes Thank Flag Link Wed May 22, 2013
Depends on your intent and finances. If you need a loan with low downpayment, (getting to the point of any loan at all) prepare for some pain and misery. It's tough and the sellers are in control of the market to the point of ridiculousness in my opinion. If you just want in a home and your finances are solid it might be an ok time but if you are looking for investment I'd be careful. The well of "deals" is drying up. Just my two cents.
Web Reference: http://foustonline.com/
0 votes Thank Flag Link Wed May 22, 2013
One thing to keep in mind is that short sales are necessarily the bargains that they once were. Like their standard sale and REO counterparts, these homes are usually getting multiple offers and the selling price could be well above the listed amount. With the limited inventory in today's market, you might not want to limit yourself to short sales.

Best,

Joe Van Fossen
Keller Williams Realty
(714) 584-7154
joe.vanfossen@gmail.com
0 votes Thank Flag Link Wed May 22, 2013
Your question says "home buyer" but your profile says "home seller", are you asking if it's a good time for you to Short Sell your home? Or are you wondering if it's a good time to Buy a short sale?

I have a LOT of experience with short sales & I know how the banks are handling short sales now that prices are going up, not down. I have a 100% success rate closing all the short sales I've listed in California & in my opinion that puts me in the top 1% in the nation who can make that claim.

I would be happy to talk to you about either side of the short sale process & give you tips & excellent advice for either buying or selling a short sale property.

Shoot me an email directly, I don't look back on this same Trulia posting for answers after mine.

Emily S. Knell
EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Realty ONE Group
Short Sale Listing Agent
100% Success Rate in CA
0 votes Thank Flag Link Wed May 22, 2013
Hi Juliet!
It is absolutely a great time to pursue buying any home in the OC right now especially short sales and foreclosures. The only difference is that short sales can be a much longer process than a foreclosure. Prices are up almost 8% since February and are projected to only go higher this year. I am working with many short sale buyers right now and would be more than happy to give you more information and send you a list of homes. Please feel free to contact me directly anytime. Have a great day!

Best,
Amanda Bihr
Keller Williams Realty
714-343-3991
http://www.orangecountydreamhomes.net
0 votes Thank Flag Link Wed May 22, 2013
Juliet,

Best time if ever if what you are saying is true. Banks have BPO's (Broker Price Opinions) done on the property to find out what the Market Value is. If property values are rising in the are so would the opinion of the Broker and what the bank would be willing to short the property to.

So if a short sale meets you buying criteria hurry up and jump in to purchase.

Note: Find an excellent agent in your area that works with short sales.

Good Luck and Respectfully,

Gordon Parker
0 votes Thank Flag Link Wed May 22, 2013
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