Palmer Circle Sold!

977 Palmer Circle has finally closed escrow. If you remember this was a home that was a “short sale” situation.  The sold price is $460,000 or $186.23/sq ft.  A fair price in this market for the condition of the home(somewhat dated) and location(backs to greenbelt).

Buyers that are making offers on short sale properties need to be very patient.  What we see is that several offers will come in on a property, then as the time drags on, typically with no word from the bank, the buyers slowly drop out.  They find other properties to buy.  The one who can wait (or has not found another property to their liking) is the one that finally gets word about their offer. A lot of times all of the buyers have moved on and the listing agent has to try to get potential buyers interested in the property to get another offer in.  Keeping the timing in mind when making an offer on a short sale, and the current market, offers should be based on what the home might be worth in 6 months, not currently.  It can take 6 months to get a deal going.

I am representing a buyer now for a short sale that the offer was put in early February and it has just recently had a Notice of Default filed on it.  We have not heard anything from the bank. I suspect the closer the bank gets to foreclosure the better the chance that we hear from them.