What you get in the Short Sale Real Estate Market < $600,000
August 6, 2008
As a result of all the feedback, I have attached a list of the current short sales, foreclosures, and Bank Owned homes(single families only) in the following cities: Newport Beach, Coto de Caza, Rancho Santa Margarita, Huntington Beach, Laguna Hills, Laguna Beach, Mission Viejo, San Juan Capistrano, Ladera Ranch, and Lake Forest. So for those of you who are aggressively looking.. this list should be helpful!! We are definitely use to these transaction by now. There are some great bargains out there!!!!
There are 258 active listings under $600,000(detached single family homes). Here are the first 250 since there was just too many to show in one email. Let me know if you need detailed searches and I will send them individually.
Thanks,
Roy Slater
Comments
4 Responses to “What you get in the Short Sale Real Estate Market < $600,000”
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That was a great post. Finally some good, tangible listings to see and choose from. Will definitely let you know when I find the right home. One ??? How do these short sales work as far as buying them. What do I need to know?
I just saw th last comment. That is a great questions.. What can we expect with these short sales.. Are they really worth it?
They are really worth it if you have the patience. Expect up to a 6 month wait for a short sale or a bank owned home to go through the lender/offer approval process. If you have the patience then you can find some great deals!!
Besides having to be patient, make sure you have your loan pre-approval in order. The banks will not entertain offers without the mortgage pre-approval and verification of down payment. One last thing, banks are tightening up on providing financing these transactions when it comes to “as is.” Below is an excerpt from an underwriter that helps elaborate on what I am referring to.
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“REO’s. I am running into issues in regards to REO’s when the appraiser is doing the appraisal “As is”. As we all know REO’s normally have issues as to the condition of the property. If you are planning on sending a purchase that is a REO please send me an e-mail letting me know the condition of the property (to the best of your knowledge). Properties that are “trashed” are not going to be able get approved. We cannot lend on properties that have health and safety issue’s. What is not clear and I am trying to firm up an answer on is what type of conditions that can exist when we fund the loan. Minor stuff should be ok but I need to get an interpretation as to what is “minor” and what is not. The “minor” stuff is going to have to get fixed very soon after we fund. I will let you know when I get an answer.”