I am a Certified Distressed Property Expert here in the Sonoma Valley. I have a bank owned home coming on the market in a week in Sonoma. I also have a listing that needs a bit of help in Glen Ellen. Let me know if I can help, thanks.
Terra Firma Global Partners
Each of these property scenarios requires a different offer-making approach; consequently the success of an offer relies not on the buyerâ€™s agent being a specialist in distressed properties per se so much as on the agentâ€™s skill at sussing out what is appropriate for a specific situation, then in guiding the buyer in structuring their offer accordingly, then presenting that offer to the sellerâ€™s agent convincingly -- my job is not to â€˜sellâ€™ you a home, but rather to sell your offer to the seller.
In the geographic areas that Iâ€™m most knowledgeable about (Petaluma to Healdsburg and Kenwood to Occidental) there are currently 75 fully available listings priced from $675K - $825K -- the price range Iâ€™d suggest for someone with your budget, who might be willing to consider a â€œfixerâ€. Only 3 of these are noted as being short sales and none are being sold by a lender who has foreclosed (referred to as REOs -- for â€˜Real Estate Ownedâ€™, by the lender). My point: with the recent upswing in prices locally there are fewer â€˜distressedâ€™ properties coming to market. However that does not mean that a good buy that offers some room for improvement canâ€™t be found. Almost half of these have been on the market for over 45 days (suggesting they may be overpriced or have unique characteristics that few buyers find attractive) and here is where a good buy can often be made â€“ either by tracking the market closely to catch the next price reduction right when it happens or when a property that has had an accepted offer comes back on the market, or by having the courage to make an offer below what is being asked (after taking the time to investigate the situation enough to determine that doing so could be worthwhile). NOTE: properties in this price range that sold in less than 45 days over the last 3 months sold at an average of 102% of asking, prices on the market over 45 days sold for 97% of asking.
I would be delighted to discuss all of this with you further and to see if weâ€™d seem to be a good match. You can also learn more about me by going to my website http://www.ASKRealtyOnline.com
I have a good eye and track record with "diamonds in the rough" in Sonoma County, particularly country properties as we have so many older homes in beautiful settings that offer great potential and upside. There are a lot of people looking for the same sorts of things and very few distressed properties on the market anymore, so the odds of finding something here that would not be a competitive buying situation are slim to none. That said you can still find what you are looking for and you will want to hire an agent who has good skills at getting your competitive offers accepted. I looked at 13 properties in West Sonoma County today that were new on the market (!) and a few of them had good fundamentals and room for upside development. I expect they will all sell quickly and mostly with multiple offers. That is the market we live in at the moment. Frankly even during the depths of the downturn, good properties were still garnering multiple offers and half the deals I did during that time were competitive. The good news is that more inventory is coming on all the time, and your price range will give you a number of options.