Short Sale vs. Foreclosures??
Hello Patty, This is an EXCELLENT time to take advantage of the market and UPGRADE your current home! The answer to your question depends on how much time you have, what type of financing you have secured, credit score, how much you have saved up for the down payment, and what your plan is with the existing home.
If time is not an issue and youâ€™re looking for a GREAT DEAL & in pretty good condition, then Short Sale is the way to go, however be sure that your Realtor is very well versed in the SHORT SALE process, and is intimate with the sellers situation, in regard to their financial position, type of hardship they are experiencing, type of loan or loans, indentify the lender. Our average SHORT SALE is taking 50-80 days to close; this is where patience is vital!
Foreclosure Properties are generating â€œMultiple Offersâ€ and selling for more than asking price, in record time, this being said a high percentage of them may not qualify for FHA financing due to the condition. Foreclosed homes are always sold in AS IS CONDITION, however banks are crediting buyers up to 6% for cost related to the loan. Our office is open daily from 7 AM to 7 PM, please feel free to contact me directly if you find the need to do so. Viktor Manriqueâ€”510-467-4911