Sacramento short sales | Are they worth the effort?

Sacramento Real Estate has been hit harder than many other parts of the country  with distressed properties.  Bank owned/foreclosed homes and short sales are currently  the majority of actual closed sales throughout the region.  Buyers are looking for bargains and they are more likely to find them in distressed properties than from a typical seller.

Sometimes buyers want to look specifically for short sales.  This might happen because in certain price ranges there is stiff competition and there are typically fewer people searching for short sales.

A short sale is defined as a home offered for sale where the seller owes the mortgage holders more than what the house is worth.  A seller putting their house up for sale as a short sale may or may not be in the foreclosure process.  In order to complete a sale of the property, the mortgage holder has to agree to accepting less than what is owed.

The approval process with the lender(s) can take up to a few weeks even up to several months and many buyers will keep their eyes out for other properties while waiting to see if the lender will approve the sale.  The length of the process is why many do not even try to buy a short sale home, it is a process of waiting for long periods of time and then rushing to get everything done to meet the lender's time frame.

While short sales in Sacramento can be a lot of work, they can also payoff especially with buyers who have lost out multiple offers on other properties. Other benefits include that often the sellers are still living in the property, are likely to maintain it, know about (and required to disclose)  problems with the home.

Sellers contemplating a short sale face potential tax issues and should consult with both accountants and attorneys as this is not a decision to be made lightly.

There are currently 580 properties listed in Sacramento as short sales.  View Sacramento Short Sales to see if the right property is out there for you.  If you have a house that you are thinking about selling as a short sale, I would be happy to discuss YOUR situation to see if a short sale is in your best interest.

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