Archive for the ‘Short Sale’ Category

Ten Marin Homes for Under $200,000

Monday, May 5th, 2008

No, this article was not written ten years ago, these are Marin condominiums from Sausalito, San Rafael and Novato all currently on the market with an asking price of less than $200,000.   The lower price point has taken a significantly larger hit than the average Marin house.

If you have an interest in looking at this type of investment property let me know.

While I am on the subject of lower priced homes there are 105 condos in Marin priced under $300,000 and what I find interesting is while 31 of those are in escrow the numbers don’t add up to all of them closing.  For example for February, March, and April 2008 an average of 3 units per month closed.  That would imply we have over 30 months of low priced condo inventory.  If you look at the over thirty in escrow the number should be closer to just over three months inventory.  So what gives here, is May going to be a super month or are these just not closing?  Because I have not been following this statistic I can’t say for sure but when probing a little deeper I find that the vast majority of these condos in escrow are short sales.

In prior post I have written about the large percentage of short sales that fall out of escrow.  Part of the reason for this is sellers and listing agents are not always realistic about the asking price.  After all, it is the bank that has to agree to take something less than the full loan payoff, they are the one short at the end of the day.  I am not defending banks or their prior practices by any streach, just pointing out that short sales fall apart for many reasons; lack of or untimely bank response to offers, and unrealistic asking and offer prices just to name a couple.  That being said, I feel if you are willing to put up with what it takes to close a short sale you better have gotten a very good price on the property.

Warren Carreiro, Broker

It pays to be an REO or Short Sale in Marin

Wednesday, March 19th, 2008

Home for Sale

March 18, 2008In an earlier post here I explained what an REO home is (they are homes owned by a bank- usually after a foreclosure) as well as a Short Sale (a sale where the bank will take less than they are owed).

Poking around the Marin MLS I noticed that a large percentage of REO and Short Sale listings are in escrow.  Though not always true, it is often perceived that REO properties are a bargain. Short Sales are know to have a high fallout rate in escrow but can also be a good deal.

Here are the percentages of single family homes in escrow from the Marin BARIES MLS:

REO:              43%

Short Sales:  27%

Others:           22%

At 43% in escrow REO’s are experiencing a seller’s market in Marin County Real Estate.

Warren Carreiro, Broker