Jul 09
28
Summer is proving to be an extremely busy time in the local real estate market. More and more I am seeing people fighting out for the same property. The majority of bank owned properties in the Murrieta, Menifee, Temecula, and Hemet areas are receiving multiple offers and are off the market within a week.
I have seen some properties get over 30 offers, while some only get a few. Some say only cash buyers can get into these homes…. with some properties, that is the case. However, I have had clients with accepted offers in a multiple offier situation with 3.5% down FHA loans and seller paid closing costs.
The key is writing a good offer. Currently it seems the banks are holding on to the majority of their REO inventory and are only putting a few properties on the market at a time. I believe this is to stimulate the market and stop the downward spiral we have been in for a long time. And I think it is working.
Other things I am seeing are that it seems some short sales are going through much quicker than in the past. I have had luck recently with a client that got a full short sale approval within a week of their first offer.
If you are thinking of the short sale option, but just don’t want to move out of your home, I currently have an investor who may be willing to purchase your property and lease it back to you at a fair rental rate.
If you have any real estate questions, be sure to contact me!
Have a good one!
