Having recently been certified as an Expert in Distressed Properties (commonly referred to as short sales properties), I thought I would share a few thoughts about Short Sales gathered in the course of my education and research into this specific market.
Before anything, everyone should keep in mind that short sales represent and will continue to represent an increasing proportion of the homes sold in San Jose and by and large on the California marketplace. This is due to the fact that many San Jose homeowners are still falling behind payments and are currently trying to sell their home ‘short’, i.e. for a price below the amount due to the bank.
Any potential buyer should be aware the acquisition of a short sale property usually takes longer than the traditional purchase of a home, as much as one year. The reason is that sellers and their Realtor need to have the lender approved the offered price before closing the sale.
As a potential seller of an estate, you have to take into account the fact that your home may (depending on where it is located in San Jose) have to compete with short sales properties which usually carry a lower price tag.
As a seller faced with a short sale situation and/or a possible foreclosure, you should know that unlike what many San Jose Realtors will tell you, short sale is not the only way to prevent foreclosure ; A range of options are available including deed transfer, forbearance among others. Check this page about Short Sales
for further information.
Stay tuned for more helpful tips and useful links about this topic.
© Sophia Delacotte CDPE, SFR, CHS
San Jose Realtor
Cell: (408) 717-2575