Home Buying in 91030>Question Details

Ahmadke, Home Buyer in 91030

Strategies for getting offer accepted without overbidding on REO and Short Sales?

Asked by Ahmadke, 91030 Mon Jun 15, 2009

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Carrie Bryden’s answer
In California, we have a short sale addendum that gives the buyer the option to either hold on to the deposit and wait for the bank to approve the short sale before entering escrow., or you can open escrow, sign over the deposit and begin the inspection and escrow process. A good strategy is to go ahead and opt for opening escrow and moving forward before the short sale is approved. A bank is more apt to review the file that is nearest closing.
0 votes Thank Flag Link Fri Mar 19, 2010
The blog posts below should help you
0 votes Thank Flag Link Tue Jun 16, 2009
Hi Ahmadgke,

An individually performed Comparative Market Analysis is the "gold standard" for approximating market value - period. A Comparative Market Analysis (CMA) gives you the best representation of market price/activity/trend direction - for the specific property details you search on. Just because a property sells right next door to another does not mean that it's a comparative match. Days on Market (DOM) for the properties that have sold contained within the CMA is another clue of "market velocity" that help determine offer price.

My suggestion: Interview a few Realtors, pick one, and then team to develop a purchase strategy based on what sector of the market you are interested in.

Best, Steve
0 votes Thank Flag Link Mon Jun 15, 2009
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