How My Clients Saved $50K in 3 Months!

Here's how my clients saved nearly $50K in less than 3-months time.

My clients originally called me expressing interest in a short sale. The property is listed on the registry of historic homes and qualifies for the Mills Act. If you don't know what the Mills Act is, check out http://www.historicsandiego.org/faq.html for more info. Basically, the property is taxed at a much lower rate, which transfers with the property. The annual savings is to be reinvested in the property.

Back to the story...this pristine, historic home was listed for $375,000 as a short sale. My clients really wanted this property, plus there were multiple offers coming in, so they offered $380,000. Within two weeks, we were informed that the second trust deed holder wouldn't release the lien unless the seller walked away with a $100K note. So, the seller let it go to foreclosure. All the while, my clients REALLY wanted this property and were prepared to pay even more than the $380,000 originally offered.

I continued to watch this property for nearly three months. All the while I was sending other listings to my clients. They even put another offer on a very nice foreclosure with panoramic mountain views & a pool for $419K and were beat out by an over full price cash offer within three days of hitting the market.

Fortunately for them, the historic home came back on the market for $327,500!!! Over $50,000 under what they offered only three months earlier. We submitted an over full price offer, which was accepted and we close at the end of the month. They are elated and so am I. Anytime my clients win, it's a win for all!

Is this further proof that the lending institutions continue to shoot themselves in their snake skinned boots?

It may be better for buyers to wait out the short sales until they foreclose. All though, you better be ready to put in a qualified offer the first day on the market, as investors are catching on to the great deals that are presenting themselves. Be assured, there are many more on the horizon, so don't miss out by sitting on the side lines.

If you are looking for great deals in today's market, get yourself pre-approved and have your trusted Realtor put a property watch on the neighborhoods and homes you see yourself wanting to invest. Chances are, those short sales will become foreclosures and you'll get yourself an incredible deal.

I welcome you to contact me for strategies in finding great San Diego Foreclosures and deals @ robert@robertsizer.com or 760-519-8436.