Foreclosures and Short Sales
As the housing market continues to deteriorate, many buyers are taking advantage of the large number of foreclosure and short sale opportunities that are becoming more prevalent in the San Diego housing market. Do you know the difference between a foreclosure and a short sale? Are there any risks involved when you purchase a lender owned property? Your G & R Realtor is a foreclosure expert and can help you navigate through these sorts of transactions.
If you are a distressed seller or if buyer looking for a foreclosure property, we can help. For distressed sellers G & R Realty will work with your lender directly to get your home on the market, and sold as quickly as possible. Our goal is to minimize your stress in troubled times. Many lenders prefer our representation model in order to save money on commissions.
If you are a buyer looking for distressed property then G & R Realty can help you find REO properties, short sales, lender owned properties, trustee sales, and any other type of sale that suits your needs. As the market continues to depreciate one may expect to see many more distressed property hit the market.
A short sale is when a seller has to sell a home at a lower value then the current loan balance. Suppose Sam Homeowner owes $600,000 on his home, but the already falling market indicates he will only get $500,000 for his home. Thus he will have to sell his home short and either come up with the $100,000 deficiency or hope the lender will allow the deficiency. Short sale opportunities provide excellent vehicles for buyers looking to strike good deals. We are seeing more lenders authorize short sales as the market slump continues. However diligent processing of the short sale is crucial to mitigate risk and maximize the probability that your short sale offer will get accepted.
Lender Owned Property, REO, Bank Owned Properties
Unfortunately as the housing slump continues, we will see more properties become lender owned. Regardless of the term, lender owned property, REO, or bank owned properties they all mean the same thing. The original owner has lost his home to the bank or lender and that bank or lender now is selling the home. Most often these sales are performed at below market prices as banks do not like to own non performing assets. Once more, these properties are excellent vehicles for possible income property investors, rental property owners, or even primary properties becaused of the pricing. However purchasing an REO, lender owned property or bank owned property is not without risk. G & R Realty can help you find a great bargain and will work directly with the lender representatives so that you are in firm command of the purchase.