Did you know that more then half of the homes sold in 2009 were Short Sales or REO's?

Reblogger Sybil Campbell
Real Estate Agent with Century 21 John T. Ferreira and Son Inc

This blog has interesting data;I would like to see hard numbers about the percentage of short sales and REOs for 2009. Long and Fostet, my co. has access to a service that cuts through a many of the delays and problems that often occur with short sales and foreclosures. So if you live in the Williamsburg Va area and need to buy or sell a distressed property call Sybil at 757-897-5889.

Original content by Endre Barath, Jr. 01238708

Recently I was reading about a very telling statistic. The California Association of Realtors has published that more than 50% of all first-time homebuyers sales were either short sales or foreclosure transactions.

These short sales presented many first time buyers with great opportunities. To be able to step into the market which a few years ago looked like an impossible event? The buyers see many benefits to purchase a short sale. (As a Realtor who is in Escrow now for ten months on a short sale, I have a different perspective). Patience is an absolute necessity, for all parties, buyers, sellers, and Realtors representing all parties. This type of transaction as a Buyer you need to continue looking for other homes, otherwise it could be very disappointing if the property goes into foreclosure or the seller renegotiated with the lender and decides to stay in the home, rather than move on.

Foreclosures can be very tricky to buy for a first time home buyer. In order to get the property, generally the buyer needs to give a very "clean offer" forgoing investigations, appraisal and other contingencies.

The buyer should have done all their market investigations in advance, hence understanding that the property is worth the price they plan on offering. If it is not an all cash offer, the buyer should have -current pre-approval letter, proof of down payment and closing costs and solid credit worthiness.

As well as a Seasoned Realtor to be able to present the Offer in the best possible light to the Listing Agent who in turn would do the same to the Lenders.

If the buyer follows the above advice, the chances are better, that they will get the property and then ultimately get a great Value in a good neighborhood they would not have been able to get into a few years ago with the current prices.

The best advice I can give is have patience riding thru all the emotional rollercoaster rides of Short Sale Offers and REO offers. Also a bit of good luck will not hurt either.

 If you are a consumer  who is considering buying  or selling  a home, investment real estate, vacation homes, or beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Culver City, Marina Del Rey, Venice or Malibu. Feel Free to give me a call at 310.486.1002 (USA) or email me at homes@endrebarath.com  or visit one of my websites at http://www.endrebarath.com  Your Pet Friendly Realtor. I contribute a portion of my commission to Local Animal Rescue Organizations.  

 

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Rainmaker
1,362,568
Andrew Mooers
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Every market is sooo different and in rural American markets with low cost homes like Maine, short sales and REO are not half the sales these days. Foreclosures less often when its pay as you go living, less zero places in the mortgage/purchase prices.

April 04, 2010 09:37 AM #1
Rainmaker
164,839
Melissa Juarez
Massachusetts Buyers Broker Agency, LLC - Quincy, MA

Thanks Sybil for the re-post of the interesting statistics.

April 04, 2010 09:41 AM #2
Rainmaker
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Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Sybil, Thank you I am flattered.

April 07, 2010 02:17 AM #3
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Sybil Campbell

REALTOR ABR, SFR, SRES - Amelia Island
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