 |
|
Palos Verdes CA Real Estate - Palos Verdes Homes for Sale |
 |
|
|
|
|
Palos Verdes Real Estate | Palos Verdes Homes for Sale | Palos Verdes Homes | Palos Verdes
Latest Newsletter from George FotionTweet
The South Bay Foreclosure / Distressed Property Market UpdateWhat are the trends and are their investment opportunities?
Hi <#firstname#> … My website is receiving thousands of hits each month from folks not only curious about what their home is worth and from folks looking for a home to buy, but also from folks who are interested in the foreclosure/distressed property market. The questions I’ve been receiving number in the hundreds so I thought I would take just a moment to address some of the more frequent questions. To understand the distressed property market, we need to have some backrground in the boring numbers …
While it’s clear that that there’s been an increase in the number of distressed homes listed (up about 7%) it is also true that the market has been better able to absorb the distressed property inventory. That’s a positive sign. The most frequent question I get is about how to invest in or buy a distressed property. There are four categories:
Where would you guess the best opportunity exists for “a deal”? It’s not the property where there is “merely” a notice of default filed. These owners, respectfully, are either in denial or actually do have means by which they can cure the default. I’ve made hundreds of offers over the last 3 years for clients and very, very, very few have worked out. The owners are just not motivated How about buying on the day of the auction? Ok, well, do you have cash? Are you willing to buy sight unseen? If the minimum bid is more than market value, will you pay that number? Will you risk not getting clear title as their may be the possibility of unrecorded tax liens taking precedence and which will run with the property? What about the bank owned homes? Did you know that now, different from the early ‘90s during the S & L crises of that time, banks now have the policy that they will not consider an offer unless and until the property has been on the Multiple Listing Service for at least 5 days? Banks are just as motivated to extract the most price from the market as any normal seller. And they know that the venue in which to do that is the MLS through which all buyers have the opportunity to compete for the home. Guess what, that normally ends up with the buyer paying retail, which is fine, don’t get me wrong, but retail isn’t a “great deal”. That leaves one more category doesn’t it … the properties that are scheduled for auction. These homeowners are now forced out of living in denial. They are motivated. The monetary proceeds they receive from a sale is no longer an issue – in fact, it’s likely they aren’t getting any proceeds, whether they sell for retail or at a discounted price. What is their motivation? What are they looking for? How can you as a buyer (owner-user or investor) benefit yourself and help them? If you would like to know more about how work this segment of the market AND/OR you know someone in foreclosure that needs help, contact me. Thanks for reading my newsletter and thanks for your support!
George Fotion By the way, in the next 2 weeks you will know of friends, neighbors, or coworkers who are looking to sell or buy a home. Be sure to tell them about your experience working with me and call me right away with their phone numbers so that I can help them, too. A sale is not something you pursue, it is something that happens to you while you are immersed in serving the best interests of your customer-Author Unknown
JOIN
ME ON FACEBOOK and follow me on Twitter!
  
For more information on homes
for sale in Palos Verdes, Palos
Verdes real estate, palos
verdes homes for sale, palos
verdes foreclosures, palos
verdes real estate market information as well as quality
information on homes for sale in Rancho Palos Verdes,
Palos
Verdes Estates homes for sale, Manhattan
Beach real estate, Hermosa
Beach real estate, Redondo
Beach real estate, Torrance
real estate, Palos Verdes real estate trends,
and real estate trends throughout the Beach
Cities, Palos Verdes Estates and the South Bay, visit www.homeispalosverdes.com
|
|
At Your Service,
