One of the trends I'm starting to see in the San Diego Real Estate Market is that buyers have been and are really starting to bid up the foreclosures. I'm starting to see foreclosures sell for more than what a comparable short sale or regular sale "although in some areas of San Diego there are not too many of those" are selling for. What also needs to be considered is that most foreclosures are in poor condition compared to other homes or condos on the market. In many cases the yards are dead, they have been partially stripped, and the pride of ownership was gone once the homeowner new the bank was going to foreclose on them on and so on.
Short sales should be, in my opinion, not overlooked by home buyers in San Diego. Generally they are usually occupied by homeowners or renters and are usually in great condition. Homeowners are sometimes willing to repair items that home buyers want done where the bank owned properties are almost always sold as is. I truly believe that in many cases a buyer with a good buyer's agent can find more value and a better home with a short sale rather than a foreclosure.
I hear buyers and inexperienced buyers agents voice their opposition to even looking at short sales in San Diego. I hear them say, short sales are a waste of time, short sales take way too long, the banks move way too slow on short sales and a buyer can lose interest and decide not to buy a home and so on. Most of what I hear is true if you go about it the wrong way. When looking at short sales you need to look at the short sales that are far along in the process and are being handled by an experienced agent. If a short sale is brand new or less than 60 days on the market it is usually still in the early stages and can have several months to go before the bank will have a price for what they will take for the home. If you write an offer in the early stages you might not have an answer back from the bank for many months and sometimes not at all.
Inexperienced agents selling short sales are a major problem in the San Diego real estate market. We have negotiated well over 50 short sales on the listing end and we have a great system for getting them closed. Our experience in short sales is excellent. Some agents have no experience and quite honestly don't know what they're doing. If you're considering showing short sales or buying a short sale make sure the short sale is far along in the process. As an agent one can look at the confidential remarks and see if the experienced agent has put in verbiage to show that the bank is willing to accept an offer at a certain dollar amount. Also look at the market time on how long the short sale has been on the market. The process usually takes at least 60 days before the bank will say what dollar amount will work for them. Call the agent who has the short sale and ask them where they are in the process. By speaking to an agent you will know if they are experienced and know what they're talking about. After a while you will start know which agents selling short sales have experience and which ones don't.
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