What is a Real Estate Short Sale?

Short sales are a relatively new trend to the California real-estate market and are the source of some confusion for both buyers and sellers alike. One large issue is the amount of time involved in a short sale and it can be difficult to find a broker that is willing and capable of meeting the time restraints. The main issues are that short sales are a lot of work and a home buyer can get very impatient. There is also a lot of potential to get the sale wrong and therefore a lot of bureaucratic cleanup if that sale is performed incorrectly.

Why Are Short Sales more Difficult?

In common sales there are two parties involved, the buyer and the seller. In the case of a short sale there are four parties involved, the buyer, the seller, and both banks. Due to the owners desire to just get out and break even. Due to this they are not always concerned about the best price and are also not always all that concerned with leaving the property in the best possible condition. Their property has become a liability to them and they are looking to get out of under it.Also, banks are not owners. Therefore there interest is purely fiscal. Banks tend to have very different rules from one another so the mediation period can take a while. Neither bank is willing to lose money on the sale. Plus many banks are dealing with short sales at this point and this can lead to even more delays.

Handling Impatient Buyers:

More often than not, the buyers involved in a short sale are purchasing their very first home. The below-market prices are very attractive to first-time buyers and they tend to be more willing to absorb riskier situations if there is a chance for a higher reward in the form of an incredible house. Due to the slow moving nature of short sales, buyers will often grow impatient at being delayed from moving into their dream home. Sometimes, if not previously prepared by their short sale agents in Redding, buyers will become very disappointed with the process and disillusioned with the property and at times even walk away from the deal. Sellers should be ready to speak affirmatively to the buyers, communicating good will, lessening their concerns, and preparing them mentally for the process.

The Value of a Short Sale:

The main thing to understand when considering a short sale is that you are trading time for money. Whether you are the buyer or seller, you are saving money at the expense of time. Thus, the only way to know whether a short sale is right for you is to know how much money your time is worth and approximately how much extra time your short sale will cost you. If you do decide to get a short sale, Real Living Real Estate Professionals has the short sale agents and other real estate agents in Redding that you need to make your purchase or sale a complete success.

About The Author: Ross Domke is a long-time real estate agent in Redding. California and owner of Real Living Real Estate Professionals. His team of short sale agents in Redding. bring superior service and expertise to the incredible people of Shasta County.

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