Anyone who knows me knows that I am obsessed with running and real estate. In many ways these two seemingly unrelated topics share much in common.
Marathon training requires many months of building strength and endurance to run a 26.2 mile race. It is essential to be dedicated to your goal of crossing the Finish Line!
Likewise, purchasing a home starts with laying the foundation.
- Creating a financial plan that starts with deciding on down payment amount and then securing financing with a direct lender
- Mapping out where you want to live and determining your wants, needs, and essentials in the home and neighborhood.
Next comes the weekly runs, or the home search.
- Historically low inventory means it may take multiple months to find a home. Fourth quarter 2009 sales pace would take only 3 months to sell all homes on market (norm is 6-9 months): http://www.trendgraphix.com/CAR/charts/7GBL_F001_01_01_0135_1_38_Bed0111_FB0111_HB0111_YB0132_75_07_200912.htm
- Low inventory means it may take several offers (Yes, I know it may be hard to believe, but MANY Orange County homes receive multiple offers).
Lastly, the perils and pitfalls of Escrow require commitment and a positive attitude so you can make it to hear the words: "Escrow has closed!"
Negotiating a short-sale is much like training with an injury. The race may not be finished, but you keep doing what is necessary with hopes that your body/the bank will cooperate.
- Short-sale planning begins with a "seller's hardship package" and a buyer's offer that is submitted to the bank who holds the mortgage.
- The bank approval process can take 2-6 months. Similarly, it takes 3 -6 months to train for a marathon.
Like running with an injury, short-sales require patience and perseverance because you have no idea what obstacles may lay ahead.
Plan your path and stay true to your goal, your race, and your real estate decisions.
Run strong!
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