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Before searching for Bank Owned properties in Palm Springs, Palm Desert or La Quinta it is important to understand the implications of each of the following potential opportunities: 1) Short sales In Palm Springs, Palm Desert, Rancho Mirage, Indian Wells and La Quinta When working on a short sale you are dealing with a bank (its employees) and not with a private seller. The guidelines for bank to accept or reject an offer are set and strict and each bank has its own rules. The nature of the market today is causing many of the banks to take 60 to 180 days or more to make a decision on whether or not to accept or reject and offer, as well there maybe multiple offers on the table that we are not aware of (some of them above listing price). If you are prepared to wait and potentially loose your time and perhaps miss a better deal, this maybe the way for you to go. Patience is paramount. 2) Foreclosures in Palm Springs, Palm Desert, Rancho Mirage, Indian Wells and La Quinta. This a property in process of being foreclosed. This is a similar process of that of the short sale. Once again you are dealing with the banks decision maker and the potential of multiple offers. Another consideration in a foreclosure is the possibility of existing tenants and what it brings with it. This could include the tenant or the owner trashing the house (we have seen missing appliances, pool equipment, air conditioner, sinks and so fourth). Once again this is a good deal if you are prepared for the potential issues. 3)Bank owned properties/REO in Palm Springs, Palm Desert, Rancho Mirage, Indian Wells and La Quinta This type of transaction is handled like any other standard transaction. In a Bank Owned transaction you will be buying a property AS IS (none of the issues found at inspection will be fixed) and you still are dealing with a bank.
On the other hand, if you look at properties owned by seller’s owners, we can write reasonable but low offers. There is still a potential for excellent deals because working with emotional, decision makers sellers who can if presented intelligently accept the right offer. I can give you referrals of clients I helped in the last 3 months buy properties at excellent prices and many times better than any foreclosures or short sales. No matter what your state of mind regarding any of these options “NOW” is a great time to buy.
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