In the Sacramento MLS this morning, I noticed we have 157 active short sale listings in Sacramento County, and 2,269 active regular listings. Short sale listings -- not counting those that may never close but are pending in some fashion -- make up about 6% of our total listing inventory, which is extremely low. It means given the choice between buying a short sale or buying a regular home, many buyers, especially those who want to close quickly, will pass on a short sale opportunity.
If they do decide to buy a short sale, they often want to hit the price really hard, thinking they should get some kind of compensation for whatever reason, or that maybe the bank won't approve the short sale. Low-balled short sales are pretty much doomed and a complete waste of time. You've gotta be reasonable and know what the bank will want to get it approved.
You can read more in my personal blog today about Ways to Know a Bank Will Approve a Short Sale.
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