Did you know that more than half of the homes sold in 2009 were Short Sales or REO’s?
Recently I was reading about a very telling statistic. The California Association of Realtors has published that more than 50% of all first-time homebuyers sales were either short sales or foreclosure transactions.
These short sales presented many first time buyers with great opportunities. To be able to step into the market which a few years ago looked like an impossible event? The buyers see many benefits to purchase a short sale. (As a Realtor who is in Escrow now for ten months on a short sale, I have a different perspective). Patience is an absolute necessity, for all parties, buyers, sellers, and Realtors representing all parties. This type of transaction as a Buyer you need to continue looking for other homes, otherwise it could be very disappointing if the property goes into foreclosure or the seller renegotiated with the lender and decides to stay in the home, rather than move on.
Foreclosures can be very tricky to buy for a first time home buyer. In order to get the property, generally the buyer needs to give a very “clean offer” forgoing investigations, appraisal and other contingencies.
The buyer should have done all their market investigations in advance, hence understanding that the property is worth the price they plan on offering. If it is not an all cash offer, the buyer should have -current pre-approval letter, proof of down payment and closing costs and solid credit worthiness.
As well as a Seasoned Realtor to be able to present the Offer in the best possible light to the Listing Agent who in turn would do the same to the Lenders.
If the buyer follows the above advice, the chances are better, that they will get the property and then ultimately get a great Value in a good neighborhood they would not have been able to get into a few years ago with the current prices.
The best advice I can give is have patience riding thru all the emotional rollercoaster rides of Short Sale Offers and REO offers. Also a bit of good luck will not hurt either.
If you are a consumer who is considering buying or selling a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at firstname.lastname@example.org or visit one of my websites at http://www.endrebarath.com Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.