Failed Escrows Bring New Opportunities #coronavirus #update #tips
REAL ESTATE NEWS: The biggest real estate opportunities come out of major changes, including calamities and unpredictable or unforeseen events with extreme consequences. Loft and condo bargains appear as would-be homebuyers head for the hills, while paralysis, then panic begins. Covid-19 coronavirus Force Majeure cancellation rights have been issued by the governor of California, giving buyers and sellers extended rights to delay or cancel real estate transactions. #realestate #losangeles #ca
Now that a growing number of real estate transactions begin to fall out due to the Corona Crash, some of the most motivated sellers pop out out of failed escrows. One of the most reliable ways to find motivated sellers is amid pending escrows, many of which are doomed by the biggest economic shock in history. Traditionally, about 90% of escrows succeed to closing and recording. This usually 10% failure rate shoots up to 30% or more during a major crash or recession. Some real estate agents have reported as high as a 100% failure rate for their escrows during the 2009 economic crisis. Because so many active and pending escrows are expected to fall out, savvy home buyers are now watching and placing back-up offers on the most desirable properties. | Blog Video
PLACE BACK-UP OFFERS NOW ON THESE IMPERILED ESCROWS
Here’s the Top 10 List of the most amazing loft and condo deals most likely to fall out of escrow in Downtown Los Angeles:
Due to the unforeseeable circumstances that now prevent many from fulfilling contract, escrow cancellations and other special deals are appearing. These include foreclosures, pocket listings, off-market properties, coming soon, unclaimed homes and other deals.
Get a free list of special deals in Downtown Los Angeles. Fill out the online form:
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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE 01889449 We are not associated with the homeowner’s association or developer. For more information, contact 213-880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.