Short Sales in Discovery Hills, San Marcos If you are looking to purchase property in the beautiful community of Discovery Hills in San Marcos, California, you may be looking at short sales.
Short sales are great bargains, if you have the patience. You see, the negotiations with the bank and the approval on the transaction comes from the seller's lender. And . . . this takes time.
Here are a few things to think about from one of my recent blog posts. These tips may help you if you are not sure about what to offer when writing an offer on a short sale in Discovery Hills, San Marcos, or anywhere in the San Diego County and surrounding areas:
- What is the condition of the property? Is it a total rehab or is it habitable and needs a few upgrades? You may be able to lower your offer a little bit if the property condition is questionable.
- What is the average price for recently sold properties in the same neighborhood? What is the average price per square foot? Lower your value per square foot if the property you are considering is in poor condition. Raise the value per square foot if they property you like is turn key. (If the property is a foreclosure, the bank may already have lowered the value.)
- What is the average market time for properties in this neighborhood? Do they get 4 or 5 offers right away? Or . . . do the properties sit for months and months? Putting in a very low offer on a property in a neighborhood where most of the properties get multiple offers and sell right away may not be the best way to go. On the other hand, if the property has been sitting on the market with no offers for 100 days, you may be able to land a great deal!
- Is this property going to be in demand? For example, does it have a great view or a fantastic yard? Here you will need to determine if the property will be getting multiple offers. For example, if it has a wonderful ocean view, the property may be very popular!
Keep in mind that the bank may not want to pay pest control, home warranties, or other extra items that you may want to write into your offer. So, if you are serious about the property and want the bank to approve you offer, write it right the very first time!
If you would like more information on short sales in Discovery Hills, please feel free to contact our office.