Short Sales Slow Down Closings – Cash Is Still King
I am noticing that the number of Duplex/Four-Plex investment properties that are now Active for sale or “Active Short Sale” is almost equal to the number of properties that show a status of Active Short Sale – Contingent (which means there’s a contract waiting for bank approval) or Pending Sale, which means it’s in escrow now.
Prices don’t appear to be dropping but the table below will show you how much the Short Sales are taking to close. Their Average Days On Market is very high when you compare it with the other statuses. The reason behind this is because of Buyer frustration at the long wait for the underlying banks to approve the Seller’s short sale payoff.
Buyers will keep looking while they are waiting for a Seller’s lender to complete the process that can take over 6 months in some cases. So many times they will walk away from a deal to find one that can give them an answer on their offer now. This in turn requires the Seller to place his property back on the market, which increases the average days on market.
Check out the Duplex Profiled Below.
I have been a big fan of this street, Imran Drive in the Arden area, for a long time.
If you have questions on this property or any other investment in the Greater Sacramento Region, drop me a note or call at anytime.
Make it a great day…
Ed Favinger, Broker, CRS, GRI firstname.lastname@example.org 916-203-1260