Home Buying in 90703>Question Details

Wanderingjew, Home Buyer in California

we are interested in a property that is in short sale, should we wait till it get forecosed to get a better deal?

Asked by Wanderingjew, California Sun Jun 19, 2011

Help the community by answering this question:


NO Sir, You will get a better deal buying it as a short sale! that's for sure!! feel free to call me or email me... Thank You. Fernando Villegas.
0 votes Thank Flag Link Tue Jul 31, 2012
In general, it is best to make the offer and purchase the home as a short sale. Short sales are becoming much easier to process and in many cases are getting approved much faster than in the past. Also, in many areas, a foreclosed home will sell for more than a short sale because it is often more desirable since a buyer can own a foreclosed home in 30 or so days vs. 60 - 120 days with a short sale. In parts of Southern California, it is becoming more and more common for a buyer to compete with multiple offers on a bank owned foreclosure. Bottom line, if you can get a home as a short sale, do so. If you wait, you run the risk of not being able to compete for that same home later. I hope this was helpful.
0 votes Thank Flag Link Sun May 6, 2012
If you wait for it to become a forclosure you may not be able to buy it.

Cash heavy investors are at the ready and are buying up REO homes to flip them as standard sales.

When they flip them they do not sale them below market value. It could very well be re-listed at a higher price than it was as a short sale.

So, if you really like it and it is priced within your budget try to buy it as a short sale, waiting for it to become a REO may not be the best thing to do.

Best of Luck to You.

Kawain Payne, Realtor
0 votes Thank Flag Link Tue May 1, 2012
What is your realtor telling you to do? She or he can check the comps and see if this is a good deal or not, and let you know if any reports were done. If you interested you must have checked this all out, and should write an offer. I do not know the ruled in your state for buying homes at auction, but in California you could end up with a really bad situation if you do not know what you are doing.
0 votes Thank Flag Link Sat Aug 27, 2011
Buy while it is a short sale. The foreclosure process can be long and the home usually sits empty. Empty homes deteriorate quickly. There is also a redemption period on most states where the homeowner is gone and the bank can't sell it either. Don't wait.
0 votes Thank Flag Link Sun Jun 19, 2011
Unless foreclosure is scheduled in the next week or two, I would not worry about it. There is no guarantee that you will get a better deal and it could take a year or longer before you see the house back on the market after foreclosure.
0 votes Thank Flag Link Sun Jun 19, 2011
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