Searching for a Short Sale home in Temecula.
it’s Complicated
You have heard Short Sales are bargains, and in some cases they are - but in most cases it’s Complicated to find a Short Sale home. This is not like buying a Standard Home sale, there is a lot you should know about the purchase process. We know this puzzle and will help you put the pieces together.
This blog article talks about searching for a Short Sale. Also read my Blog, Buying a Short Sale Home.
Short Sales can be difficult to identify in a real estate search. Lenders often complain about advertising that identifies a home as a short sale, concerned that it puts them at a disadvantage against conventional home listings. The reason, a buyer generally offers less with it’s a short sale. This results in listings that do not clearly identify Short Sales homes.
Search services such as www.Realtor.com do not identify short sales or provide a search parameter to find short sales. If there is any information identifying a home as a Short Sale it is likely to be buried in marketing comments. In some cases real estate listing agents use words such as the following to identify a home as a Short Sale.
• Subject to bank approval.
• Preforeclosure
• Notice of Default
• Give the bank time to respond.
• Pre-approved by bank.
• Headed for auction
Searching for a Short Sale home in Temecula
While Short Sales are hard to find in many real estate listings, they dominate the market in many areas of the State. Here in Temecula Short Sales were the dominant factor in the market, recording 44 percent of all sales - double that of REO sales (22 percent). Standard Sales comprised only 34% of all sales recorded in June 2010. So if you are looking for an affordable home, you are likely to be looking at Short Sales. Are Short Sales the bargain they are made out to be? This study would answer yes - Short Sales recorded the lowest median price of the three types. Below REO sales and some 18% below Standard Sales. There are some Apples to Oranges comparison here, but if your are looking at price alone, Short Sales are where the values exist.
Not only do Short Sales comprise the largest number of sales here in Temecula, they are growing as a percentage of total sales. Look at the following graph, Short Sales have increased by 90% during the firsts six months of 2010 compared to the first six months of 2009 while REO sales have decreased by 55%. Standard Sales have increased by 149% but underlying this dramatic increase is the fact that many Standard Sales are now "investor flips" purchased at auction or as Short Sales and resold.
I can help you find and buy a Short Sale home in Temecula
If you are intent on finding a Short Sale, it pays off to work with a Realtor to help you in you search. The Multiple Listing Service available to agents identifies Short Sale and REO homes. Many agents will be happy to set up search parameters that target a home that is likely to meet your requirements (e.g. location, price range, bedroom & baths) and send you regular, automated updates as new listing appear.
I would recommend you build a working relationship with TemeculasNeighborhoodExpert.com as this is a relationship that brings you even more benefits. The listings you receive will be edited down to those that show real opportunity. This step takes reading the “Agent Remarks” that provide, additional, critical information. A close reading of these remarks allows us to “filter” down to the homes most likely to meet your needs. Here is an example of what an agent sees in the Remarks section.
Homes that are difficult or impossible to see or have limitations
- Drive-by only, please do not disturb occupant. Can send offers subject to interior inspection.
- Sold AS/IS no repairs. No FHA please.
- All terms and commission subject to lender approval.
Homes that you can buy, now!
- All offers have vanished and we are desperate to re-submit.
- Single Lender - Single Loan. Previous Buyer walked need more offers.
- Bank turned down offers made, needs to submit new offers
- 215-230k offer needed. Repairs needed but can be negotiated.
- JUST FELL OUT OF ESCROW. BUYER LOST JOB. APPROVED AT $250,000.
Homes that have “hidden costs”
- B of A Lender approved at 330K but need 12k for payoff of HOA's Fines.
- Buyers to pay Short Sale Admistration fee of $750.00
- Buyer to pay Short Sale Processing Fees of $ 2400.00
Call me, I always work in your best interest and will provide the market knowledge you need in making decision in this fast paced real estate market. Demand now exceeds supply in the affordable price range most buyers are targeting for their home. Work with an agent with real market knowledge and assure your success.
Robert Deane (949) 230-0325
temeculasneighborhoodexpert@verizon.net
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