Real Estate stories from Central Valley area Merced and Atwater

Just about any where you turn to view real estate you see advertisements promoting helping you short sale your home. If you’re looking for a home just about 80% of the properties listed are either subject to a short sale or they are already foreclosed (REO - Real Estate Owned/bank owned property). The short sale reach has extended into receiving postcards by mail, leaflets left at the doorstep and resulted in certification programs that are great for learning but have very little to do with obtaining an approval from the bank(s). It often makes for a confusing market for any seller needing to short sale their home.

Really just about anybody that has purchased a home the past 10 years probably finds themselves in a short sale situation (home is worth less than what is owed and bank(s) need to approve of the shortage). With so many choices it’s hard to know who to believe or even what to believe when it comes to the challenge of successfully having a bank accept and close escrow.

I’d love to tell you that short sales are a great thing always resulting in the successful sale of your home with no ramifications but that’s not the case. Short sales provide an opportunity for homeowners to move on and sometimes result in the forgiveness of outstanding debt by the lender(s). Credit will be impacted but how long is still debatable*. Depending on who you talk with it could result in being able to purchase a new property again from as little as 2 or 3 years instead of 3 or 4 years with foreclosures*. The key thing to remember here is that as a real estate agent we *won’t have the legal or financial answers. Clients must consult legal counsel and an accountant. What we will do is work to obtain answers from your bank(s) to those pressing questions on your behalf while marketing your home and trying for a successful sale.

The success rate of short sales reports differ indicating anywhere from 5% to 40%. This means 60% or higher will not result in a successful close. Why? There are many factors from how many lenders are involved to who those lenders are and what the financial stakes are in the transaction. There’s so many homes going through the short sale process and some banks are not equipped to deal with these numbers. Many banks let homes go into foreclosure and often receive higher value for the property when listing it as a foreclosed home. Blame is passed around but the harsh truth is that business decisions discount emotion.

What sets us apart? We provide our clients with is honest feedback through each step of the short sale process. We won’t make promises but will do our best to negotiate with the lenders on your behalf. We have experience in negotiation not only in real estate but also in commercial leases, vendor aquisitions and even in court cases on behalf of our previous employers. We know how to actively listen objectively and when to provide alternatives and solutions that often overcome objections. With banks being relentless only works to a degree and at certain times. Knowing how to stay on course and remain focused on working with the banks to gain approval and the solution you’re looking for is our goal.

We have a team ready to work for you. Walking you through the short sale process step by step and keeping you informed throughout we provide guidance and solutions. Your home receives full marketing, virtual tours, open homes (if desired) and more. Best of all we will serve as your agents to discuss your home with all potential buyers, other agents and your lenders. Contact us today for a confidential conversation about your situation.

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