WHERE'S ALL THE BUYERS?

The phones have stopped ringing, dead open houses, decreased hits on the website...... Sure glad I saved my money these past few years. Wow, in 18 years of selling real estate I have never seen it as quiet as it is right now. Even back in the early 90's during the last downturn there were still buyers out there. And I believe the worst is yet to come. BLAH, BLAH, BLAH.

My advice to sellers is to price your home far below the competition. Truly it is the only way to compete. Take West Sacramento as an example, there are 366 homes for sale(not counting the new homes). How do you stand out for the few buyers out there to find you? Market your home with an exceptionally competitive price. You have to be noticed!

Advertising such as " We will pay all Buyer Closing Costs", "Free Trip to Hawaii", "Mercedes Included with Purchase", etc., etc., will not get the job done. Now the good news. If you are in the market to buy a home you will have a very pleasant experience. Plenty of inventory, you can darn near write your own terms. The majority of sellers are very accommodating, and there is no rush. This is truly a great time to buy. As a matter of fact, I have some great homes for sale. Take a look, let's make a deal!

So....What Is A Short Sale?

A short sale is when a lender that holds a "deed of trust" on a property accepts less than the full amount due on their loan when the property is sold. Sometimes it is more cost effective for the lender to accept a lower payoff than to bear the costs and liability of a foreclosure. One of the biggest misconceptions is that a short sale is a GOOD DEAL.......Well, typically their not, usually the seller owes more that the property is worth.

NEGOTIATING WITH THE LENDER

As a realtor it is meaningless (& ridiculous) to market a property as a short sale without getting written short sale approval from the lender. Not every short sell is a hardship, which is critical to the process. A hardship being defined as a divorce, job loss, etc....If the lender does not accept the hardship they will foreclose. So, as a buyer you are interested in making an offer on a short sale, the very 1st question to ask the listing agent should be. Do you have Short Sale Approval From The Lender in Writing! If the answer is no then, RUN! The likelihood of it being approved will be about zero to none.

So, Do I Or Don't I Buy A Short Sale Property?

Well, that depends on your situation and whether you have the time to gamble. A successful short sale depends on cooperation from everyone involved in the transaction. The Lender(s), Sellers, Buyers, and Realtors. There's so much inventory on the market that you don't have to buy a short sale, to negotiate an equitable purchase.

note: Short sells are very complicated , I could be posting for days on all the aspects of this particular type of transaction. The above is a brief outline, so do not hesitate to contact me for any additional information or questions. If you are in a situation where you may need to sell your home, contact me for a private consultation.