Are you a buyer looking for the best deal? Buy a Short Sale!

May - 05 | | No comments. | Blog

Want a deal? Buy a Short Sale

A buyer called me today asking me how they should approach this market, and find the best deal and not get taken advantage of by the seller or an agent hungry for a commission.

If you are a buyer looking for a deal you may be getting some strange advice from agents, they are telling you ‘NOT to look at short sales’ or telling you not to buy a short sale.

Why NOT buy a Short Sale?

Statistically I can understand this, only 23% of short sales are successful! 77% FAIL! Having successfully negotiated over 1,500 short sales for myself and as a 3rd party for other brokers, I know first hand the challenges that cause most agents to fail at short sales.

Most short sales fail due to agent error. Sadly agents with no experience or knowledge of short sales are taking short sale listings.

Some short sales will fail because the bank will drop the ball, nearly all short sales CAN close if the agent has the right team in place.

I work with my buyers to ensure they find the BEST DEAL possible by not just showing them my personal favorites. This means I am open to putting together a deal wherever we can find it, REO, Short Sale, Trustee Sale (if they have cash), or even equity sales.

Last week we got a buyer approved for a fully renovated home in north county San Diego(Escondido) that was owned by the bank, NOT a short sale. The buyer wanted to get a deal, I told them we would get it for less than fair market value.

When the conservative appraisal came in, it showed a value 10% higher than the purchase price! So my buyers are moving in with equity on a bank owned/ REO property.

Another buyer I recently helped wanted to pay $325k for a property in Vista, California, I ended up getting him into a short sale that appraised for $335k and he only paid $295k, plus we got him $6,000 for his closing costs!

If you are buying right now and you are not sure how to approach or negotiate the deal, consider working with someone who has closed a high volume of transactions in THIS market. That’s how you can ensure you have experience on your side and you don’t overpay for your home. Buy a SHORT SALE!!!

(I recently sold my short sale negotiation company where I personally negotiated over 1,500 short sales. Now I help California homeowners buy and sell real estate in my hometown of San Diego California.)

 

858-779-4760 – Call me when you are ready to buy a Short Sale.

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