Foreclosure auctions in Palos Verdes, South Torrance and the Beach Cities What are the opportunities for Investors, Home Buyers and Homeowners Upside Down in their Mortgages
What are the Advantages of a Short Sale to the Upside Down Homeowner?
HOWEVER the window for conducting a short sale without tax penalty is quickly drawing near! The benefits created from the 2007 Mortgage Forgiveness Debt Relief Act of 2007 EXPIRE on 12/31/2012. Homeowners upside down in their mortgages must NOT wait as if one waits too long into the 2012 year, the short sale may not close in time to satisfy the deadline!
What are the Advantages of a Short Sale to the Investor or Home Buyer? When I’m asked by my Buying Clients and Investors how best to take advantage of the “Foreclosure Market”, the preconception is that the Bank Owned homes are the properties wherein the greatest discounts can be achieved. This is not the case. There is so much scrutiny and oversight from government agencies and the banks’ investors that the banks selling an REO Property are just as motivated as any other “Mr. and Mrs. Homeowner” to extract the highest price possible. In fact, when I’m calling bank REO Asset managers, I’m getting the standard response (from all the banks), “…sorry, we can’t consider any offers until the property’s been on the MLS for at least 5 days…” The banks KNOW that the best chance to get the highest price is to have maximum exposure through the multiple listing service. So that leaves the Home Buyer or Investor two choices … either go to the auction and try to buy (you will need cash, you won’t be able to inspect the property and you may not get clear title) OR use the strategy that I’ve developed to negotiate with the Homeowner. What we’re doing is creating WIN – WIN situations for all parties and if you would like to know more, DO NOT REPLY to this email, rather send me an email to george.fotion@homeispalosverdes.com. So whether you are a homeowner upside down in your mortgage, or you’re an investor or buyer or know someone in either category that could really benefit from this, send me an email and we will set an appointment to discuss further. By the way, the map above shows just the Single Family Residences. There are a few, just a handful, but a few Multi-Family units (apartments, duplexes, triplexes and quads) As always, thank you for reading your newsletter! |
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