The Approval Experts | San Diego Real Estate | Short Sales

Where did the REO’s go? That’s a great question here in San Diego, as we know the inventory has been diminishing over the last 6 months with buyers at every corner. The San Diego REO market has started to fizzle out as the banks have slowly started focusing on controlling the inventory and only allowing small pockets of REO’s to hit the market.

Summer of 2010 is upon us. Inventory is slowly creeping up, which is primarily due to a number of homeowners getting notice of defaults, which essentially pushes additional short sales on the market. San Diego citizens have started to become much more educated on short sales, while the banks are finding ways to keep their inventory in hiding until the right time. The thought process is control the San Diego REO market until the banks are out of inventory. The truth is that would take decades to happen, so we imagine banks are going to start some other special programs such as a rent an REO or rent to own programs. If the banks can’t even get a grip on the short sale process you can only imagine how they would do with REO rentals.

As we move into summer and rates continue to remain low we are going to continue seeing an influx of buyers, which may again affect inventory levels. The question is will the San Diego REO market heat up again or will the banks continue to keep homes on ice? There are so many questions left unanswered, but that’s the great thing about the real estate market, it’s policy similar to our military “don’t ask, don’t tell.” That’s the way the banks get around holding on to inventory and keeping the notice of defaults from being filed.

The great thing about the San Diego REO market is when one makes it to the market you only have to compete against 82 buyers and when your highest and best offer is number 30 and you have an FHA loan with 3% down, you have a better chance of getting struck by lightening than getting an accepted offer.

If you are looking for a San Diego REO or a short sale to purchase we’ve got you’ve covered. Let our buyers agents assist you today. At The Approval Experts we know REO’s and short sales and we know how the banks like them sold and how the buyers like them bought. If you’ve got questions, we’ve answers. Give us call, drop us an email, hit the chat button. It’s all at your fingertips and we are here to help you 23/7. We only need one hour of sleep a day!