Todd's Real Estate Blog

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There's Nothing "Short" about a Short Sale

Instead of short sale, they should call it, a "Long, Drawn out, Frustrating, Difficult Sale" because the process is anything but "Short".  In San Diego, the short sale process can be extremely frustrating when you are representing a buyer or a seller.  On the other hand, if you have patience, it can be extremely rewarding experience.  If you are a seller and the bank agrees to a short sale, it can be an awesome experience by helping the seller save his credit rating by using the short sale process rather than getting hit by a damaging foreclosure mark.  On the other hand, a patient buyer can get a super great deal on a property if they are willing to jump through all the lender hoops.  

The average process here in San Diego takes about 90 days from offer submission to close.  It all depends on the lender.  Once you submit an offer to the lender, it takes an average of 6-8 weeks to have someone assigned by the bank to look at the offers.  Once they choose to accept an offer, it can take several more weeks of negotiation by the Realtors, Buyers and Sellers to finally close the deal.  For those willing to wait it out, it can mean a successful sale.

I implemented a new search feature on one of my website that now allows my clients to Search for Short Sales and Foreclosures in San Diego and all other properties in the MLS at www.FreeHomeSearches.com.

 

Comment balloon 0 commentsTodd Armstrong • December 08 2008 10:07PM
There's Nothing "Short" about a Short Sale
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Instead of short sale, they should call it, a "Long, Drawn out, Frustrating, Difficult Sale" because the process is anything but "Short". In San Diego, the short sale process can be extremely frustrating when you are… more