Looking at the MLS for Murrieta, its obvious short sales are taking up a majority of the market:
Active Short Sales in Murrieta: 254
Active Foreclosures in Murrieta: 114
With so many short sales for sale in Murrieta, it's important that we address a few common frustrations that buyers face when it comes to buying a short sale.
Scheduling an appointment to view the house;
- Because short sales are typically occupied by the homeowners, most buyers and agents need to schedule an appointment to view the property with a 24 hour advance notice, whereas most REO/Bank Owned homes are vacant and can easily be viewed without any notice.
List price is usually a suggestion;
- In the Murrieta Short Sale market, the list price is usually a suggestion. Most listing agents price their short sales way below market value in order to get more traffic and generate more offers. For example, a home that should be valued at $225,000 in Murrieta, will typically be listed for $199,900. The best way to avoid looking at misleading-priced homes is to have your Realtor do comps on the homes you want to see before you head out.
Why does it take so freakin' long?
- So, you finally found that short sale that makes your heart sing, so you submit an offer, and the homeowner and their agent accepted it. Soon, a few weeks go by, and then a few months and you haven't heard anything from the bank...why does it take so freakin' long?
There are a lot of dynamics involved with this answer; below are just a few:
a. The listing agent is not experienced with the short sale process, and thus loses a lot of time because they are unorganized and ineffective.
b. The bank is swamped with too many short sales and not enough staff to handle the volume, so your file gets pushed to the bottom.
c. There is more than one lender that has to be negotiated with; the 2nd lien holders will often hold up a short sale in order to get more money paid to them.
d. The bank's negotiator is working with over 100 files at a time; they're only human and get so much done on any given day.
Regardless of the frustrations that can come with short sales, they are a great way to buy a home, especially here in Murrieta. If you're patient and can wait it out, you can typically buy a home for about 10 to 15% less than market value.
If you're ready to buy a short sale in Murrieta, go to www.baldguyredtie.com and hire an agent that has the experience in getting you the home of your dreams with the least amount of frustration...when you're ready to sell or buy, call the Bald Guy in the Red Tie!
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