Is it better to buy a North Park Short Sale or wait and buy it as a Foreclosure from the bank? Great question.
Many people are continuing to wait for the bottom of the market, what with all the shaky global financial news and lack or surety of our domestic income tax policy moving forward...
Then the obvious question for a First Time Home Buyer in San Diego should be - what is the benefit of waiting? Is the buyer really going to save money by avoiding purchasing a short sale and dealing with a bank owned home instead?
YES - IF interest rates don't go up.... Would it surprise you to learn that if rates go up as little as 1% that the decrease in purchase power could be as much as $50,000 on a loan near the $400,000 range?
Now some people are paying cash... they are definitely hoping for more bargains if they plan to look for a bottom in the market in some future time. So the next question should be will the cash buyer save money by avoiding purchasing a North Park San Diego short sale and dealing directly with the lender after a foreclosure?
YES - IF the home is kept in relatively good shape and the rehabilitation costs are not too prohibitive and they plan on regaining that lost value as they waited to purchase over a longer period of time...
Savvy San Diego investors know when "NOW" is the right time to purchase...
Would it surprise you to learn that near 30% of all closed home sale transactions across the county over the past three months have been through cash buyers?
What does that tell you about people smart enough to save all that money?
There are scenarios that we've run across that show that not all people should be rushing out to take advantage of these low prices and historically low interest rates. Some times the timing is simply not right to buy a North Park San Diego Short Sale, and waiting for a foreclosure may be appropriate.
Do you need to sell a home that is underwater? Learn about the Nine Alternative to Foreclosure in San Diego.
If you're looking for a strategy, a consultation to show you how we've been able to help people successfully purchase and sell their properties through the San Diego Short Sale process, simply send us an email at vincemceveety@gmail.com - or - if you like - give Vince a call (619) 928-9829 and he will walk you through the ins and outs of what it takes to navigate the market today.
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