Buyer Headaches and Heartaches in San Diego Real Estate
Buying a new home is exciting, with plenty of challenges along the road to closing. While this is true in any market, the current market conditions can make the purchase process full of headaches and heartaches.
This is more likely true when buying a short sale or foreclosure (a.k.a. REO and bank-owned), either by choice, or because that's what exists in your market and price range.
While there can be complications, twists in the road, and unexpected issues in any transaction, short sales and foreclosures seem to result in more unanticipated headaches (e.g., title issues; significant repairs; changes in what the banks are willing to accept) and heartaches (losing out in a bidding war after falling in love with a home; making multiple offers only to have them all fall apart or fail; having to wait far longer on a short sale approval than you ever expected).
Being prepared for possible disappointments and minor, or major, aggravations makes sense as a buyer in today's market, whether seeking a short sale, foreclosure or a regular (equity) sale. That's not to say it will be that way for every buyer, but from what I see and hear, getting through the process is far more difficult for many these days, with more unexpected problems.
When you are searching for a home, you hope to find one where you can fall in love. You get excited once you find that home and make your offer. So it can be a tremendous disappointment to not get the property because you get outbid, the short sale does not get approved, or a cash buyer wins the bid on the foreclosure sale. And that can happen repeatedly in this market, which can mean multiple heartaches and disappointments.
There are many problems that can arise, and many ways a transaction can fall apart. Problems arise during negotiations, as a result of the inspection on a foreclosure property, when obtaining the appraisal (it comes in low), getting the loan commitment (underwriter does not approve or the loan requirements change), having the short sale bank come back with additional requirements or requests for more money to pay off the second lender, and so on.
You should be excited about your home search - it's a lot of work these days, with the pride and joy of finding your new home. But it's realistic to be prepared for headaches and heartaches along the way whether you are buying a short sale, foreclosure or a regular sale.
Want a checklist for buying a foreclosure? Here you go:
Buyers Foreclosure (REO) Checklist
Or Visit the links below to download one or both.
You can also find short sales, foreclosures and regular sales in the San Diego real estate market.
Search for San Diego Short Sales and Foreclosures
********************************
If I can provide more information about Carlsbad real estate and surrounding areas, or the housing market in general, or otherwise assist you in your homes search, please contact me by phone or text at or email me at JDowler@remax.net.
All content copyright © 2010 Jeff Dowler Carlsbad Homes and Real Estate Tidbits
**************************************
ALL ABOUT THE CALIFORNIA RELOCATION DUDE
If I can provide more information about Carlsbad homes and real estate for sale and surrounding areas, the housing market in general (or locally), or otherwise assist you, friends or family in a home search or sale, please contact my mobile office or text me at (760) 840-1360 or email me at JeffDowlerSolutions@gmail.com
Serving Carlsbad (including Aviara, La Costa & Carlsbad Village), Encinitas (including Leucadia & Olivenhain), Cardiff, Solana Beach, Del Mar, La Jolla, Rancho Santa Fe, San Marcos (including San Elijo Hills), Oceanside, Carmel Valley, Escondido, and San Diego
Carlsbad Breaking News ~ Oceanside Breaking News ~ Encinitas Breaking News
All content ©Copyright by Jeff Dowler. All rights reserved.
