$1,000,000 dollar ocean front home, short sale, now only $489,000 - wow. 17 offers in the first 3 days....
Sound too good to be try? IT IS.
The bank is owed $ 925,000 and they are not going to take anything less than $ 865,000.
If you are a seasoned buyer's agent, or educated client, you will realize that this falls into the 'too good to be true category' HOWEVER....there are deals on the horizon.
Once the property reverts back to the bank, and 80% of these will. After the borrower is no longer on the hook for being responsible for a loan to pay back the bank a percentage of the deficiency balance, and now that all of the consumer protection law concerns are worries of the past, the real deal making begins.
BANK OWNED - GREEN LIGHTS TO GO....although the banks might play hard ball early on in the process, the bottom line is they are not in the real estate business, and it is only a matter of time until one of the bank execs makes the call to clean out the balance sheet, and move the properties.
If you are a highly skilled buyer's agent, you can secure a great price for your client, if you are consumer, going after the property directly with the bank, and you do not have the skill-set of successfully securing bank owned properties in the past, the best advice I can give you is 'secure a buyer's agent immediately, you pay not commission on listed properties, and you are almost guaranteed to secure the property at a better price, and have the due diligence process meticulously managed.
We recently secured a 1.7 mil property for a high level executive for 1.1 mil. We saved 600k on the purchase, saved him probably $50k of his time, $5k in travel, and he did not have to learn a new trade along the way. Although this circumstance may not be typical result, this is the kind of value a seasoned buyer's agent can bring to the table.
A trusted professional in their specific is your best resource.
Visit us at www.OWN-SD.com
Also 2 of our key sites for searching for real estate in San Diego, CA