Market Trends: 5/23/2013
Short Sales
Market Snapshot
Total Properties Listed:
6,486
Month-Over-Month Change: -8.48%
Average List Price:
$307,599
Month-Over-Month Change: +1.53%
Median List Price:
$249,000
Month-Over-Month Change: +.65%
Typical Property
Single-Family Home
3.14 Bedrooms
2.14 Baths
$307,599 Average List Price
$175/SqFt Average Price per SqFt.
Average Price by Bedrooms:
1 Bedroom:
$177,084
2 Bedrooms:
$221,850
3 Bedrooms:
$276,380
4 Bedrooms:
$367,396
5 Bedrooms:
$537,878
Top 5 Most Viewed Properties
Short Sales, CA Real Estate:
Imagine finding your perfect Short Sales home... Start searching now!
Search
San Fernando Valley
Real Estate Listings
Home Search
San Fernando Valley: 55,406 Listings
Short Sales Real Estate
About Short Sales
If you are considering short sales when looking for a new San Fernando Valley home, this can be a good investment. There are however, a few things that you will need to know. A short sale can often be beneficial because it will generally be at a discounted price. The amount that is offered for the property will be less than what the current owner owes. Of course, this is subject to the approval of the lender.
Additionally, there may be several liens against the San Fernando Valley property. They could include second mortgages, home equity lines of credit and home owners association fees. These liens will need to be satisfied as part of the approval process for purchasing the home, especially when an offer is made for less than what the homeowner owes on the property.
A thorough inspection of the home should be conducted by a professional to check for any necessary repairs that will be required. Unfortunately some homeowners do not maintain the home once they realize they will lose the property. This is one of the reasons for the need for a thorough inspection. There are many borrowers who have defaulted on their mortgages due to the financial crisis experienced across the country. This is often a good way of purchasing a home at a discount, but it can be a lengthy process.
The home may be in escrow for a longer period of time. Those who are making an offer on a short sale may wait for a longer time to find out if their offer has been accepted. The final price on the home is not determined until the lien holder approves the sale. As mentioned previously, there may be several liens on the home and it is possible for one lien holder to prevent a short sale by refusing to accept less than what they are owed. This is a reason that a title officer can be a good idea. They can do a title search to find out exactly what liens are attached to the property. Having this done at the onset can prevent disappointment after you have waited months for the lien holder to approve the sale.
If you are considering short sales when looking for San Fernando Valley property, make certain you enlist the help of a good realtor. They are experienced in this type of sale and can help to negotiate the purchase prices as well as providing a communication link with the lien holder.
Short Sales Neighborhoods