For buyers who have the time and the patience, short sales can be a good way to scoop up lower-priced properties.
I’ve said in the past that short sales are not for all buyers and I still say that, but things have changed some in the right direction. Banks are figuring out how to process the loads of short sale requests, the government is encouraging them and many short sale agents and teams have their systems in place. This means that more short sales are actually getting approved and making it to close.
I still recommend that not all buyers should make offers on short sales. If you have a strict time-line to buy, if you need to close relatively fast (within 30 to 45 days) or if for any reason you don’t have the flexibility to wait for a bank response, then stay away from short sales. But if you are perhaps an investor who is are willing to wait an undetermined amount of time and you won’t be discouraged if you get rejected, then include short sales in your search for San Diego real estate.