Are you having difficulties understanding the foreclosure (REO) market? With all the inventory out there, one would believe that aquiring a bank owned property may be as simple as submitting an offer. Not so. It took me writing approximately 6 (non-accepted) offers, including full and over full price (CASH) offers before I started to figure things out. Now, my clients have gotten 4 out of the last 5 properties we've put offers on.
What am I doing differently?
There are lot's of first time home buyers and savvy investors in the market today who are looking for the right deal. Bank owned properties are typically priced well below market to attract multiple offers. Even when a property sells 10-20% over list, it's a screaming deal! Inferior properties will typically sell at or below list.
When chasing the forclosure market, your agent must be aggressive, yet insightful and cooperative. This is not a time for inflated egos. It's all about the bottom line, and what makes sense to you and the bank. If you would like to find a screaming deal in San Diego County, I invite you to give me a call 760-519-8436 or email me at robert@robertsizer.com Let's chat about your expectations and see what we can do to make them a reality. Search all San Diego Country Properties @ http://sdnethomes.com
Having just received a call from my client's lender, stating that their particular loan program was going to expire by 7/15, requiring them to come up with an additional 2% down they don't have, I am compelled to find them a home they can close escrow on by that time.
Yesterday, I reported market statistics regarding the market in Oceanside, CA 92054 for detached homes priced under $500K. There were a total of 108, of which 23 were bank owned, 12 were privately owned and an inordinate 55 were short sales.
Today, I am reporting market statistics for Vista, CA 92081, 92083 & 92084 for 4 Bedroom, detached homes under $450K. An MLS search revealed a total of 59 detached homes, of which 10 are bank owned, only 6 are privately owned and a whopping 43 are short sales.
Short sales are typically anything but short. So, realistically, my clients have 16 choices out of 59 listed in their price range. Of the 16, I would say that only one matches most of their criteria. Did I say "only one?" What I meant to say is, "Yahoo, I found their dream home!!!"
If you would like to find and track your San Diego dream home, log onto http://sdnethomes.com
Or email me with your questions @ robert@robertsizer.com
Are you finding homes that can actually be purchased becoming more than just a chore. I represent several buyers who are having quite the time finding a home, they can actually purchase.
More than curious about market statistics, I decided to conduct a little research and selected the Oceanside, CA 92054 market for homes listed under $500K.
The total number of detached homes currently Active/For Sale in Oceanside under $500K is 108, of which:
The total number of detached homes currently In Escrow/Pending sale in Oceanside under $500K is 47, of which:
The bank owned properties seem to be the most sellable properties in this price range, followed by the private or market sales. Bringing up the rear are short sales.
This proves further that agents and sellers of short sales need to take the necessary steps to market their listings properly, as I wrote about in my earler blog "If you clean it they will come."
The good news is, there are plenty of qualified buyers and investors out there, who are looking for homes they can actually purchase. Doesn't it make more dollars and sense to do your "HOME WORK?"
I welcome your comments and questions.
Click here to see all properties in San Diego for Sale.
It is amazing how many foreclosures and short sales are on the market today, giving buyers lots to ponder when it comes
time to shop for a property. Why don't sellers of foreclosures and short sales, regardless of their situation, seemingly
compete for offers any longer?
It seems that most of the foreclosures & short sales on the market in San Diego County are a mess. It has gotten to the point
of embarrassment when showing property today. This applies to all price points when it comes to short sales and foreclosures
in San Diego.
Recently, I was showing buyers a bank owned property in Encinitas that was listed for $975,000. It was a bloody mess!
When I got into the real estate business in '94, there were plenty of foreclosures and short sales. The difference was condition.
When we bought our first foreclosure in San Marcos, the bank had replaced the carpet, installed new window coverings and freshly
painted the property before it was ever put on the market. That home was ready for an offer.
Many times today, the banks don't do anything to respect potential home buyers. The homes are left looking dirty, raped and pillaged.
The same goes for many short sales. Regardless if the seller is selling due to distress, or trying to get the highest price for their property,
in respecting the buyer with a clean, well kept property, they in turn will sell their property quicker at market value.
And lastly sellers...when you respect a buyer with a clean, well presented property, buyers will respect you in kind with an offer.
There are a lot of buyers out there looking for their next home. It just maybe yours.
Here's whats going on behind the
scenes in the San Diego real estate market today...
Local golf professional, Phil Mickelson recently put his house in Rancho Santa Fe, California on the market.
The Tax Roles list it as a 5BR/6BA/7078 Sq.Ft on 4.5 acres in the Covenant of RSF.
List price: $10,750,000 - $12,225,876
BTW...his annual property tax bill is $68,537.
He is currently #2 on the PGA earnings list with YTD earnings of $2,161,320.
Click here to see full listing with photos. Plus, to search all homes for sale in Rancho Santa Fe, Del Mar, La Jolla, Carlsbad, Encinitas click here.
Email me with any questions or San Diego county real estate insider information you may have at robert@robertsizer.com.
Your San Diego County Real Estate Insider,
Robert Sizer
760-519-8436
Through extensive consultation, education & guidance, we help San Diego Home Buyers and Sellers make Dollars & Sense of Today's Real Estate Market, while Providing "Superior Service for our Extraordin
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
