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Cayucos Short Sale Advisory: "Just Say, NO!"

By Paul Pickering

Real Estate Agent with Bay Osos Brokers

December 03, 2009 06:07 AM

If you are looking at a "short sale" home to purchase in Cayucos, but the seller (or borrower) has a 1^st trust deed and a 2^nd, the likelihood of both lenders working out a solution is slim to none-particularly if a home's value has continued to diminish during the short sale process (typically 6 months or longer).

So you know, a successful short sale on a home with both a 1^st and 2^nd trust deed is entirely contingent on the 2^nd trust deed recouping a minimum of 10 percent on the current loan's balance. Furthermore, the actual close-of-escrow-ratio of homes being sold through a short sale process is less than one percent.

Don't confuse REOs or Foreclosures with Short Sales. For more information on the pitfalls of Short Sales,

Click to read my entire Short Sale Advisory

Click to View My Recent Home Sales Statistics or

Click to View My Website

If you are tired of putting offers in on homes offered as "short sales," only to see them fail, please contact me and I'll be glad to help you find the perfect non-short sale property.