Finance Articles

Murrieta CA Short Sale Real Estate Could Be Your Best Investment.

Short sales are now a big part of the Southern California real estate marketplace. Many agents, let alone buyers, do not understand short sales and thereby tend to avoid them. The first big challenge in purchasing a short sale is finding an agent willing to put the extra effort needed. Most don't want to show these for quite a few reasons. The big three of which are short sales are a lot more difficult, homebuyers lack of patience, and the whole situation is often stressful.

Let me explain these three concerns in order. First, short sales are significantly more work because in the place of a two party negotiation with just a buyer and seller, you have a four party deal with the buyer, seller, and two negotiators. And in this situation the seller and two banks don't act the way a traditional homeseller would act. The person selling the house owes more then the selling price financially and really wants the banks of their back. They don't always care about getting the highest price which is good for you. But the homeowner can also work a bit against the purchase occassionally by not letting people see the house in the best condition or giving access to the house.

Meanwhile, the negotiators aren't owners, adhere to certain negotiating and can be almost impossible to reach and negotiate with. They often use power play type tactics in their efforts to maximize the absolute most money. In fact, the first and second loans fight among themselves because what one institution gets financially the other doesn't. And getting access to those people require completed paperwork packages from the seller and an purchase contract from a potential buyer before the clock begins to tick. Eventually there has be an agreement between two banks, a seller, and a buyer. By the time you get this all set, a period of 2-3 weeks can easily pass. Plus with the significant amount of short sales nowadays many banks are understaffed to handle the workload.

Once you are over that hurdle, the second major challenge is buyer impatience and lack of comprehension. The most difficult type of buyer for a short sale is often an excited first time purchaser unless they have a strong understanding with their real estate agent. Because once the listing office has everything forwarded to the banks, the banks will take 10-14 business days to even examine it and forward the completed package to a deal maker.

Getting an pumped up buyer to wait this out is tough. This is doubly true in Temecula Valley's real estate marketplace now that there are so many properties available right now. Plus, housebuyers today have the people around them in their ear advising them they should get better response time or more service when they buy. Buyer lack of patience is the most important variable and should be worked on long before bank short sale properties are looked at. If the clients have the ability to be patient, they can get a fantastic deal!

Here is an example. Last month I promoted a home in Menifee for bank short sale to a client of mine where they could get a house for over 70k off the market price. But they would to have to wait a bit for the banks to get back to us, perhaps up to 2-3 weeks. The home was perfect for the couple and was move in condition. Their response was in this market they would demand a response no later than 24-48 hours.

I chose to risk my client contact and told them this opportunity isn't one you should go after because the bank employees don't care about your needs. They are 8-5 employee's and have no feelings regarding the property and if you want to miss a fantastic deal, that is your choice. But I am willing to put in the time and effort if you can have the patience. And when we get approved, you will be happy and enjoy significant equity and I will earn your business and referrals for the future. After breaking out the details, they put in an purchase offer, were approved, and will close at the end of this month. Strong lines of communication, integrity, and patience works!

The last hurdle is stress. Part of this has already been mentioned when dealing with patience. However, the stress of what the bank will do, what people are telling you, and how drawn out the process is can get to you. For the real estate agent, dealing with the other party and banks is difficult at best. For the buyer, not taking out your stress on your broker is key. Much of the possible stress is relieved by a good comprehension about the situation and a client update perhaps once or twice a week. If the buyer finds out that the banks have not returned calls, they shouldn't freak out.

With all that said, why do I suggest looking into bank short sales? Because bank short sale listings can offer a huge opportunity to get a ideal property at a incredible discount. They are usually in great shape than REO houses and many time they are actively being taken care of. Also, they can be the best for price negotiation for lots of reasons.

Right now, banks are overflowing with short sale properties and the last situation they want to deal with is another, especially when there is a solid buyer in the mix. Why would a bank ignore the opportunity while more expenses accrue or the real estate market turns further down? Their deduction is your gain and your real estate agent's goal is to get you, the real estate client, the greatest situation possible for today and tomorrow.

Stefan is a residential real estate broker of Temecula, Murrieta, Menifee, and Wildomar Real Estate and expert in the adjacent areas of Murrieta, Menifee and Wildomar. Please visit http://www.stefanwest.com for additional information.

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