California Real Estate…short Sales/reos?
I am currently in the market for a home i am living on the peninsula in the bay area but its just too expensive for me to buy a home here, so i am looking in the sacramento area (Rockin, lincoln, roseville) There seem to be tons of short sales and REOs. I have found a couple houses i am interested in but they are all short sales, basically my question is how long does it take to close /hear if your offer has been excepted with a short sale? i heard it can take forever… i have to stay in my rental until the lease is up in May, I was going to put in an offer this weekend and if i don’t hear anything back by march i could i cancel my offer?
I buy in the valley. Short sales need to be avoided, a waste of time. 80% of the sellers are dreaming and the sales will not go though. The banks are better off foreclosing and they will do that.
REO’s are a different story. They sell well. The true bargains sell within 48 hours of hitting the market. If you need a top notch broker to help you with a purchase let me know. I know a great one, he is nice to buyers, but really aggressive with the banks and can get amazing deals closed. Having a great agent is the key to getting a really great deal.
Comment by Jessica — November 7, 2009 @ 10:33 pm