Who knew – two 5-letter words could be so dirty?
Those two words can send buyers, sellers, Realtors and Escrow Officers into a tissy.
Why you ask? 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. 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. Banks don’t like doing this. They know real estate is cyclical, they can’t go back and redo everyone’s loan just because the value went down. I digress. The sad truth, the seller has to jump through many, many, many hoops – in the form of paperwork and documentation etc etc to successfully sell their home. And that’s if the buyer doesn’t tire of waiting and walk!!! 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”. Why? The seller generally can’t start their short sale request until AFTER they accept an offer. And once the bank receives the offer, it can take months just to get that paperwork in front of a real decision maker, negotiator to be exact. Since this wait time is long and sometimes a better opportunity presents itself – buyers sometimes tire of the wait and rescind, cancel, their offer. It happens. However, because Short Sales can be difficult, their are opportunities for buyers to purchase a property under market value. Which creates instant equity! In our experience, the offer you write in November is low compared to the values of comparbale properties by the time you close escrow and own that home in May. (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. Which, in essence is what Realtors should do in the first place.
If you have any questions, comments or concerns – we’d love to hear from you – email us at Info@TheCatonTeam.com or visit our website at http://thecatonteam.com/
To read my personal journey through homeownership – visit http://ajourneythroughhomeownership.wordpress.com/ Enjoy!
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Next Stop – Bank Owned Properties – aka: The REO