The good news is there are still plenty of excellent homes to choose from in San Diego and La Mesa-- short sales, foreclosures and regular sales too. But the clock is ticking on the Homebuyer tax credits of either (up to) $8000 or (up to) $6500. Full rules are at www.irs.gov
As a homebuyer, the deadline to enter into an approved sales contract by is April 30th, 2010. After that you have 2 months to close escrow. So if you're looking at short sales, this means that the seller has to accept your offer and then the bank has to approve it. This process can and will take months-- 3-6+ months. Even if a short sale has been approved already, and the former buyer walked, many banks still make agents start the process from the beginning, so again, you'll have the potential for a long wait. A few of these will be able to be pushed through in a month, so focus on these ones. I'll help you sort out which is which.
With REOs, or bank-owned homes, you can usually get an answer within a few weeks. Do note that other buyers are aware of this too, so the competition is stiffer, and multiple offers can lead to higher prices. Of course, with homes owned by regular owners, you can usually get an answer within a matter of a few days.
In a nutshell, here are the "deadlines" for each category: Approved Short Sales only, make offer now up through April 15, and only after verifying the full details and short sale progress to date Bank Owned REOs, make offer now up through approximately April 23 Private Sellers, make offers now up through April 29.
Bottom line is, your offer has to be fully accepted in writing by April 30. 30-something days can fly by very quickly, so call me today!
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