If you are a home buyer who is looking for a home in Bressi Ranch, Carlsbad, you may find yourself writing an offer on a short sale. Short sale listings are those properties listed for sale where the property is worth less than the existing mortgage(s) on the home. Because of this, the mortgage lender(s) will need to approve the purchase and the short sale. This process of approval can take anywhere from 2 weeks to 4 months-depending upon the mortgage lender and upon the qualifications of the person who is doing the negotiations.

Because I have closed countless short sale transactions and having received hundreds of approval letters, buyers often call me or email me for counsel on their short sale transactions.

Here are a few common short sale questions and my answers:

I offered full price on the short sale in Bressi Ranch. What is my guarantee that the bank will approve my purchase price?

Sadly, there is no guarantee that the bank will approve your purchase price. However, if you are familiar with the prices of recently closed transactions in the neighborhood, and your offer is within a reasonable range of these recently close transactions, then it is probable that the bank will accept your offer.

Why do I have to wait such a long time just to hear that what the bank wants?

While it sometimes takes quite a long time for the bank(s) to respond to purchase offers and short sale transactions, it is important to understand that you are not the only one in California (or in the United States) who has a short sale on file at the bank right now. Some banks receive tens of thousands of short sale packages every single week. So, it is tough for them to respond quickly.

If you are considering buying a short sale in Bressi Ranch, Carlsbad, and beyond, I encourage you to educate yourself on the entire short sale process, hire a highly-qualified agent, and be patient throughout the process. The result should be a great home purchase for you and your family!