A Candid Moment with Short Sales

Who knew – two 5-letter words could be so dirty?

SHORT SALES

Those two words can send buyers, sellers, Realtors and Escrow Officers into a tissy.

Why you ask? ย The dreaded long process and seemingly endless wait.

Allow me a moment to break down how these two words work.

To a seller, the words Short Sale mean one thing – their home is no longer worth as much as they owe. ย Then – say they should need to sell it – now they need to ask the bank to agree and take less than the loan is worth. ย Banks don’t like doing this. ย They know real estate is cyclical, they can’t go back and redoย everyone’sย loan just because theย valueย went down. ย I digress. ย The sad truth, the seller has to jump through many, many, many hoops – in the form of paperwork andย documentationย etc etc to successfully sell their home. ย And that’s if the buyer doesn’t tire of waiting and walk!!! ย And should a buyer walk – because sometimes they need to move on – the seller has to start at square one again – and oh what a fun square that is.

To a buyer, the words Short Sale means “sit down and wait”. ย Why? ย The seller generally can’t start their short sale request until AFTER they accept an offer. ย And once the bankย receivesย the offer, it can take months just to get that paperwork in front of a real decision maker, negotiator to be exact. ย Since this wait time is long and sometimes a better opportunity presents itself – buyers sometimes tire of the wait andย rescind, cancel, their offer. ย It happens. ย However, because Short Sales can be difficult, their areย opportunitiesย for buyers to purchase a property under market value. ย Which creates instant equity! ย In ourย experience, the offer you write in November is low compared to theย values of comparbale propertiesย by the time you close escrow and own that home in May. ย (For more specific market info please email us info@TheCatonTeam.com)

For those in the real estate industry – the words Short Sale mean being on top of your game, having a team of professionals behind you and being diligent. ย Which, in essence is what Realtors should do in the first place.

If you have any questions, comments orย concernsย – we’d love to hear from you – email us at Info@TheCatonTeam.com orย visitย our website at http://thecatonteam.com/

To read my personal journey through homeownership – visitย http://ajourneythroughhomeownership.wordpress.com/ย ย Enjoy!

Visit us on Facebook: http://www.facebook.com/pages/Sabrina-Susan-The-Caton-Team-Realtors/294970377834

Next Stop – Bank Owned Properties – aka: The REO

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Sabrina Caton - The Caton Team Realtors

A native Californian with a passion for residential real estate and writing. A full time Realtor with Berkshire Hathaway HomeServices - Drysdale Properties.

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