An agent in my office swears by short sales because you’ll see the low price and call him.  He doesn’t care about selling THAT house. All he cares about is getting your number so he can “drip” on you until you buy another house from him.

Short sales don’t close … bank owned foreclosures do.  If you want to buy a house, don’t waste your time on short sales.  Find a reputable agent to represent you and go make your dreams of investing in a home come true.

380 resale homes came on the market in Moreno Valley in the last 90 days.  32% were short sales, 37% were bank owned foreclosures, and 31% were regular sellers.

Here’s a graph.

Think 90 days isn’t enough time to sell a house these days? You’d be wrong.  9 have sold and 37 are pending.  See the graphs below.

But that doesn’t tell the whole story.

76% of the pending deals are bank owned foreclosure listings.  But 89% of those that sold were REOs (REO and bank owned are synonymous)!  The discrepancy is because all those offers you write on short sales aren’t closing.

Take a look at this map of new foreclsoures in the 92557 zip code of Moreno Valley.

 
View Larger Map

The math is clear, you could pay a regular seller $296,041; make an offer that won’t close on a short sale for $257,609; or you could save an average of $15,250 and buy one of these lovely homes.

Of course, an experienced buyers agent for REO properties could save you even more.