This market report for homes for sale in Temecula's Paseo Del Sol as of August 2011 reflects the current short sale market. That is, sellers are selling for "short" of what they owe on the loan they took out on the home. This short sale process can take 4 to 6 months, for the owner's bank to agree to take less than what is owed on the home. The owner's bank, in fact, typically requires a real hardship such as loss of job, divorce or move due to military orders.
The result is that a home goes on the market for sale, a buyer makes an offer that can be put in front of the owner's bank for analysis: is the offer within the current market price range for the home? Is the seller in a hardship, based on full income and asset documentation? This process takes time, so while the parties wait for the owner's bank to go through the process, the home stays "pending."
Meanwhile, the original buyer - whose offer is in front of the owner's bank - frequently gets tired of waiting and moves on to purchase another home after the deadline for the owner's bank's decision (stated in his/her Short Sale Addendum) has expired. This leaves a window of opportunity for another buyer to come along right toward the end of the short sale process, make an offer and get the home without the six month wait.
Here's a link to search Paseo del Sol area homes:
Lisa Delzompo (951-704-4559)
"May your home always be too small ... to hold all your friends!"
CA Dept of Real Estate, Real Estate Broker License #01379811;
NMLS Identifer #331744
REAL ESTATE: www.SandToSeaProperties.com. Covering northern San Diego, Oceanside, Temecula, Murrieta, Riverside County and desert areas of Yucca Valley, Joshua Tree and Twentynine Palms, CA.
LOANS: PRW Lending, Inc. Call direct 951-704-4559, or email me at lisa(@)sand2sea.us
Information is deemed reliable but is not guaranteed. Information is general and may not address your particular situation. Do not rely solely on this or any information you find on the internet. You should consult relevant professionals directly about your real estate, financial, etc., situation.