Typically. Yes. How about that for a blog post? Ok, I won’t stop there. I’ve written about this before… but I’ll tackle the Santa Clarita Short Sale pursuit from a different angle this time.
Do You Have Time & Patience?
Ah, the key to being a short sale buyer in the Santa Clarita real estate market. Time & Patience. That’s all you need. The deals on short sales can in fact be better than standard equity home sales. To get that deal though, you may have some hurdles.
Let’s look at a common scenario:
1) You see a great price
2) Your Realtor tells you it’s a short sale
3) Your Realtor explains the pros and cons to pursuing a short sale
4) You make an offer on said short sale
5) Seller accepts your offer
6) Your offer is then submitted to bank after seller gathers all of their necessary short sale documentation that the bank(s) involved will also need to review in addition to your offer.
7) Then you wait about 1-3 months for an answer to your short sale. If it doesn’t come after 2-3 months… well… you either keep waiting or you bail on your offer. There is a provision in your short sale offer that states how much time you’ll wait for an answer. Ask your Realtor for details.
8) The bank responds with an answer to your offer after doing their due-diligence.
9) The bank counter offers your offer, with a price that they want.
10) You consider the banks counter offer, is it reasonable? Perhaps they just want the real market value, and the offer you made was well below market because that’s how the seller priced it. What will you do?
By step 10… often times… buyers bail! They say no way. They were in it for the deal. Not to pay the actual market value. Sometimes the bank does approve a price below market value. It happens. And that’s where the time spent waiting… and waiting… “can” pay off.
Want to take the chance on a short sale?
Do you have Time & Patience?
Looking for a short sale deal in Santa Clarita? ASK Robert! Call me @ 661-373-2374 or just make contact here.
