SoCal's Housing Recovery has made it hard for investors and savvy home buyers to find deals on Short Sales.
Today in the East Valley (San Bernardino, Colton-Grand Terrace, Loma Linda, Highland, Redlands and Yucaipa) there are only 48 short sale listings compared to 449 standard listings.
Short sales often offer buyers the chance to buy homes below market value. Often that's because the properties are distressed and need repairs or maintenance that may have been deferred.
The inventory of short sales is back to normal levels even though there are many home owners who owe more than their home is worth. One reason -- there are still many homes in some stage of foreclosure but the lenders are continuing to allow the owners to reside there even though they are in default.
With home prices up more than 30% since the first of the year many owners and lenders are waiting for home values to rise so that these homes have equity and eventually sold for more money.
Also impacting the Short Sale Listing volume are bulk sales that lenders made during the past year to dump these "toxic" assets to companies that specialize in improving and selling them.
Buying or selling Short Sales is easier and less time consuming that it used to be. Many lenders have streamlined the process so buyers can make offers, get them accepted and close in 60-90 days. Many lenders offer incentives to home owners who cooperatively participate in a Short Sale transaction.
Let us know if you have questions about buying or selling Short Sales.
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