The Keith Byrd website – www.slocountyhomes.com aggregates all the Central Coast listings in to one place. We update our website daily and you can trust that our information about current homes for sale is accurate. We receive calls every day about property listings that seem too good to be true – is this home really selling for that price? A current example of this is a home located in Shell Beach on the bluffs, 1400 Ocean Avenue:
What – $250,000 can buy me a home on the ocean with a million dollar view – NO! This property was listed at this price to stimulate activity. It’s a Short Sale with sea wall erosion, unfinished interior construction, deferred maintenance, and more. Bids were accepted up until November 30th of last year, and an Offer was chosen and presented to the bank for approval. However, to bid on this home you needed to purchase a $250 non refundable engineering report to understand the severity of the issues surrounding the stability of this home.
Why does this home still show up on The Keith Byrd website? Because the bank is still reviewing the Offer’s terms and now needs to negotiate with all the outstanding loans on this property. This time period can be frustrating and long for both the seller and the buyer – and in the case of 1400 Ocean, we are at the six month mark. When and if the bank accepts the current submitted Offer, it means they’ve agreed to the financial loss and you will see the property go in to Pending, then Sold status. But there is more – the Offer presented to the bank was all cash!
Therefore, if the home price seems to good to be true – it probably is! The Keith Byrd Team will walk you through the specifics of the home you’re interested in purchasing and, set forth the steps necessary to be successful in winning a Short Sale, Bank Owned, or Equity property sale.
Collette Kutil, The Keith Byrd Team, South County Realtor in San Luis Obispo County, including Pismo Beach, Arroyo Grande, Grover Beach, Oceano, Nipomo, and Avila Beach, 805-801-8114