San Diego Short Sales Gumming up the Works
San Diego Real Estate Blog
The Short Sales in San Diego County are really gumming up the works. We are working with many San Diego Home Buyers and the short sales, quite frankly can really confuse buyers buying a home or condo in San Diego. I say this because most home buyers that really want to buy a home, not just looking to buy a home are confused about short sales. There can be 150 homes for sale in a said zip code and out of those 150 homes, 100 could be short sales. Out 
of those 100 homes that are short sales less than half are being handled correctly by the real estate agents that have them listed for sale. Out of the 50 San Diego Short Sales that are being handled correctly only about 1/3 of them are at the point where the bank is ready to accept an offer. This usually takes anywhere from 2 to 8 months before the negotiator at the bank has finally come up with what the bank will take as an offer on the property. This is when short sales are ripe and ready to be picked.
If 100 of the homes are short sales and 50 are being handled correctly and only 1/3 of those are ready to accept an offer and not get foreclosed on, this leaves only 17 homes actually at a point that writing an offer makes sense. Out of the 50 homes that are not short sales 20 of those could be foreclosures and most of those have multiple offers on them and many investors are coming in with cash and lots of it. So let’s add up how many homes are available out of the 150 that are in the MLS that are homes that can close within 45 to 60 days. My math says 17 “short sales” + 30 “regular listing” + 20 “foreclosures if a buyer has a really strong offer” = 67 homes. Now wait these are all the homes in the zip code. If a buyer is looking in the 2,300 square foot range 4 bedroom minimum under $450,000 there would only be 13 homes to write an offer on with escrow closing in a 45 – 60 day time frame.
There might be a lot of inventory in many zip codes in San Diego but with short sales buyers should stick with an agent who knows the ins and outs. A San Diego Real Estate Agent with a fine oiled machine. Not only on the selling end of a short sale but on the buying end too.
Dawn Sells San Diego in San Diego California. Your San Diego Short Sale Experts.
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