Home : Blogs : Matthew Zgonc, REALTOR® for Modesto, CA : Modesto CA Real Estate Blog

Short Sales! Friend or Foe?

Almost every realtor here knows about short sales and the long time process that some of the banks can take to respond to any offer. Most consumers may not be willing to wait the time period necessary to get a response, and some short sales are listed too late to get a response prior to being auctioned. What do we do? The answer is inform. Many times in a short sale situation, the house is selling for a substantial reduction in price than it originally did. If buyers know that they are getting a $500,000 house for $350,000 if they wait an extra week or two, then they might be a little more patient about the whole process. Everyone wants a transaction completed ASAP, especially during the holiday season. Buy informing and keeping the client appraised of the situation, we create consumers that will be less susceptible to the hype and panic and ones that are making an informed decision.

Posted by Matthew Zgonc, REALTOR® for Modesto, CA on 11/26/2007 03:42 PM

Comments (5)

short sale, buy, sell homes, modesto, sales, realtor

This post has been included in California Information Stanislaus County, CA Information Modesto, CA Information

5 Comments on Short Sales! Friend or Foe?

Matthew - good to know.

Did you know that banks have been getting up to 100 short sale requests per day, and banks only are able to process upto 20 per week?

No wonder they take so long!

11/26/2007 03:52 PM

by Matthew Rosov, Certified Mortgage Planning Specialist (Envision Lending Group)

Well it helps to have the SS price set ahead of time, because of that. It also depends upon the bank and the information that the bank needs. How many buyers know this information, though. Not many.

11/26/2007 04:01 PM

by Matthew Zgonc, REALTOR® for Modesto, CA (ERA Village One Real Estate)

I represent a buyer who I fully informed of the delay I expected. It has been one month since we made the offer and have not yet had a response. Fortunately, the buyer continues to be patient. Let's hope it pays off.

11/26/2007 04:03 PM

by Lee Morof, Associate Broker/Attorney (RE/MAX Showcase Homes)

It will. I am in the same boat with a well-known bank, and it is a minimum 30 days before they even look at the offer.

11/26/2007 04:15 PM

by Matthew Zgonc, REALTOR® for Modesto, CA (ERA Village One Real Estate)

i made a short sale offer then they did a counter offer that i excepted, then they said it goes to the bank, how long will this take i am unpatient like most , i thought since the counter offer they made that i was much excepted also if i bail out on this deal in about 1 mth if no response do i get that 1,000 check i made out to them back?

03/19/2008 06:08 PM

by penny

Leave a response…

Name:

Notify me of new comments:

Comment:

What does the graphic say?