Are short sales and REOs a great way to pick up cheap property? Sometimes, but not the way most people generally think.
There are 76 properties for sale in Alhambra currently reported as “active.” Of those 76, there are a few that have been coded as “short sale” and “real estate owned.” The following properties may not be the ONLY short sales and REOs in Alhambra right now. The accuracy of the data is dependent upon the agent inputting the listing.
Short Sale & Foreclosure properties:
When an REO has been on the market for a while, there may be some incentive for the lender to accept a reduced offer, but I have seen them simply pull a property off the market if it doesn’t sell for the price they want. From there, I’m guessing that they might sell it at an auction, or lump it with a few other properties and sell it in bulk at 65 cents on the dollar to an investor able to buy $10,000,000 worth of property at a time.
Short sales can really be a ride. For a great article on short sales, read Jay, the Phoenix Real Estate Guy.
If you want to start making offers on short sales and REOs, then email me or give me a call and I’ll help you navigate the complex territory of today’s foreclosure market.