It is possible to close escrow on short sale listings in South Lake Tahoe! Here is a recent example: My wife Jill and I just closed escrow on a short sale listing located at 1069 Carson Street. Jill and I represented the buyer on this short sale transaction.
1069 Carson Street is a 3 bedroom, 1.75 bathroom, 1254 square foot home with a garage. This house was remodeled, had a newer 50 year roof, and was in great condition. The asking price was $275,000. Our offer was less than the asking price and was accepted by the seller. After only 3 days the bank gave us a counter offer of full list price, and our buyer agreed to the terms.
From the day that we submitted our offer to the day of closing escrow took 56 days. 56 days is a little longer than the average escrow period of around 45 days, but was rather quick for a short sale.
Here are some pictures of 1069 Carson from the South Lake Tahoe mls
There is currently a lot of competition between buyers looking for deals on foreclosures. In order to avoid getting into a bidding war on a bank owned foreclosure, take a look at some of the short sale listings that are available. Currently there are 36 available single family short sale listings on the South Lake Tahoe mls. There are 18 short sale listings that are currently in escrow in South Lake Tahoe.
So far this year there have been 8 short sales that were reported as sold on the South Lake Tahoe mls. The average sales price for the sold short sales was $451,912, the average price per square foot was $221, and the average days on the market was 143.
If you decide to make an offer on a short sale listing, be prepared that it may take some time for a response from the lender. There have been responses from lenders in as quick as a couple of days to as long as a many months. Some short sales can definitely be worth the wait!
If you would like to see a list of short sale listings in South Lake Tahoe, contact Brent and Jill and we will send you a list. Please let us know if you have any questions regarding Short Sales in South Lake Tahoe, South Lake Tahoe real estate, or homes on the South Lake Tahoe mls, call us today!
Leave a Reply