Buyers: Our local real estate market continues to be active, particularly in the division of distressed sales. Properties attempting to sell as short-sales during summer and fall of 2008 have now been foreclosed on and the banks are advertising them for sale with large discounts. It has even become common for the banks to pay the buyer’s closing costs, sometimes crediting buyers over $10,000. The combination of discounted prices and low rates continue to bring additional buyers back into the market and create multiple offers in some situations when the properties are generously underpriced. I suggest that all buyers contact a lender and have their pre-approval letter in hand, so when a great opportunity presents itself you look the most prepared and qualified to potential sellers. You can view all homes for sale, including foreclosures, online at SanDiegobythesea.com If you know anyone who is thinking about buying, please let me know how I may be of assistance.
Sellers: The properties in your neighborhood that are commonly in the most trouble are those that were purchased over the last 4 years with 0-10% down, regardless of the loan type. These are the properties that are your competition, or soon will be. If they are advertised as short-sales, don’t be surprised if their asking price seems too low, as their intention is to get multiple offers. If an offer is accepted, the bank will have picked the sales price that comes closest to covering the loan amount. The larger concern for sellers is the presence of foreclosed homes for sale in the area. These bank owned homes will sell within 30-90 days, most are likely to sell under market value. Visit SanDiegobythesea.com to see how we can sell your property. If you know anyone who is thinking about selling, please let me know how I may be of assistance.
