The answer is maybe. It is not uncommon for a short sale seller in financial distress to have unpaid property taxes. During the housing boom, many lenders did not require tax and insurance impounds.
One of the worst things that distressed Central Coast homeowners do is waiting until the clock is ticking before contacting a short sale agent. When does the clock start ticking? I tell people it starts ticking when you stop paying. Ideally, if you know a financial hardship is imminent, you should begin exploring your options, including a short sale, before any payments are even missed. In its recent Open Letter on Short Sales, the California Association Realtors reports that according to surveyed California Realtors® only about three out of five short sales close.
Are you in the market for a condo in the Pismo Beach CA (93449)? There are currently 40 condos (and PUDs) listed for sale in the Pismo Beach real estate market. The average price is about $733,000 and sellers are asking about $514 per square foot for condominiums.
Pismo Beach, California foreclosure activity: There are 139 active and pending homes and condos in Pismo Beach currently. Of those 139 properties, 9 homes are foreclosures and 12 are short sales. Looking back six months, there have been 35 sales in Pismo Beach with an average listing price of $671,239, and an avergae selling price of $616,669, so sellers are getting about 91.8% of their asking prices in Pismo Beach
There is a tremendous amount of interest in buying second homes in this market. Due to the financial and housing crisis, some are taking the opportunity to buy a vacation home on the central coast. Although, we have most certainly seen significant price reductions, foreclosure activity is relatively low in Pismo Beach, Arroyo Grande & Grover Beach compared to the nearby northern Santa Barbara communities of Santa Maria, Orcutt, & Lompoc.