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The landscape for short sales is changing. As the inventory of homes for sale stays at historically low levels all over Silicon Valley, short sales are gaining in popularity for buyers. Added to that is the fact that short sales, while not a sure thing, are getting approved at increasingly higher rates.
Short sales can still be time consuming and frustrating, but when there are so few choices for buyers they begin to look better. So if you are thinking of selling your home as a short sale here are some tips to make things smoother.
1. PICK AN EXPERIENCED SHORT SALE AGENT TO LIST YOUR HOME. IF YOU ALREADY HAVE A RELATIONSHIP WITH A REALTOR WHO IS NOT EXPERIENCED WITH SHORT SALES ASK THAT AGENT TO CO LIST WITH AN AGENT WHO KNOWS HOW TO PROCESS AND NEGOTIATE A SHORT SALE.
2. Price your home realistically, not at a rock bottom price. The market is already hot and and appreciating. Banks are not stupid. If the home is worth $600,000 and you list it for $400,000 and get an offer for $500,000 it is unlikely to get approved.
3. Have the buyer put the deposit in escrow upon acceptance by you, not at acceptance by the bank.
4. If possible get inspections before you put the home on the market. It will make the transaction go much smoother.
5. Talk to your lender before putting the house on the market. find out what they need for the short sale and get it ready to send as soon as you get the accepted offer.
6. Enjoy your short burst of popularity. In this market everyone loves a seller, even a seller of a short sale, so enjoy.
7. Hopefully in 2-4 months you will hear the words from your agent, "Congratulations, you are off the hook."
If you have any questions about buying or selling a short sale in San Mateo or Santa Clara county please feel free to contact me.