Los Angeles-Long Beach, CA (1888PressRelease)
April 01, 2008 - The Manzo Team and REMAX Tri-City prespare for the boom in short sale activity.
The Short Sale process is a lengthy one every single document has to be reviewed by the lender, it can take up to 3-4 months for a buyer to even receive a response to their offer. That can be very frustrating for buyers as well as sellers. A really good listing agent who knows how to work the system can significantly cut that time down and that the reason the “The Manzo Team” setup a team of realtor to specialize in the short sale process.
But let's localize things. What is the Short Sale market like here in Pasadena CA? Well, like all areas of Pasadena, we experience our incredible boom and like all areas, some people got in over their head so we're seeing a distinct increase in Short Sales and Foreclosures with some vacant or boarded up homes.
This means people are hunting for deals and their hunting ground is Pasadena, CA. We spent this past Saturday looking at Short Sales with some clients and I'll tell you a little about what we found.
First we saw a 1600 sq ft duplex for $475,000. That was purchased 04/26/2005 for $565,000 just sitting there with no offers. If it was a normal sale it would probably be on the market for $600k - $650k.
Next we saw a Bank-Owned home (meaning it's already been foreclosed on) in the North East offered at $464,900 If this was a normal market that home would have sold around $599k.
Now don't forget, when clients put in an offer on a Short Sale, they won't be able to ask for any history on the property or even ask for repairs even termite work. Responses to offers take time and buyers must be prepared to wait and be well qualified for a loan. They can have the property inspected but again, no repair requests will be honored by most banks. This is a major reason some people veer away from Short Sales.
Short Sales in Pasadena, CA can range from condos to mansions and everything in between. If you have the right amount of patience, both in searching and then in deal-making, you can really save some dough. Make sure the location is ideal and then really comb the neighborhood. As experienced Family Real Estate Short Sale Specialists, We can make sure your Short Sale buying experience is worth your time and your money. See short sale and foreclosed listing at http://pasadenatopagent.com
