Yesterday’s news that first-time homebuyers can take immediate
advantage of the $8,000 HUD tax credit for use towards their down payment and closing costs may have you eager to join other SoCal residents in getting more house for their money by entering the bargain home market.
You have two choices, foreclosures and short sales. Joe Light, at Money Magazine, favors short sales, while it may take a little more time to make the home yours “[t]he good news is that short sellers are likely to still be living in the home and some may even be current on their payments. That means these aren’t the run-down, distressed properties that you often find among foreclosures; in fact, there’s a good chance that some of the most deluxe homes for sale in your market are underwater.”
This is great news for those of you in the market for a new home in areas like Laguna Beach’s Emerald Bay, where the high-end market is beginning to see some movement. Or maybe you want to move into one of America’s safest cities, Irvine, where 112 homes saw a price reduction in May. The best place to get your short sale search started is here at www.SHORTsense.com where you can search for short sales by area and price range.
Minda Reves is a freelance blogger for SHORTsense.com