The Secret to San Diego Short Sales for Buyers
Are Short Sales Deals or Not Deals?
Curious and mysterious are just two words that come up about short sales. Frustrating and infuriating are also some words I have heard at the watercooler. Below is some information you will need to know if you are getting into the San Diego real estate market and have not had a lot of experience with them.
Quick Overview
About half our market is made up of short sale listings. The process from the seller’s side is intricate and there are many t’s to cross and i’s to dot. For this reason, when you see a short sale that has just been listed, often times you can assume that about 3 months will go by before you can expect some type of answer.
Yes, this is the infuriating part…many a buyer has fired an agent for having to wait so long.
Is there a way to shorten that process?
Yes and no. You can receive an answer from the seller (note that the seller and the bank are not the same person). With an acceptance from the seller, you will be the offer that the bank looks at when they are ready to begin looking at offers. Does the time from when the seller accepts your offer and the bank looks at it take long – absolutely – now to play devil’s advocate, a client of mine recently bought a short sale for 60K less than fair market value. He waited about 4 months. That means that he made $15,000.00 per month. That is probably more than the last raise you got from your boss.
There are tricks to getting your offer accepted quicker and ensuring that your offer is the one that the bank will see. As long as you do that and have realistic goals about the timeframes, you can get a phenomenal deal.
