If you are looking at a "short sale" home to purchase in Arroyo Grande, but the seller (or borrower) has a 1st trust deed and a 2nd, 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 1st and 2nd trust deed is entirely contingent on the 2nd 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.
"Your Local Buyer's Broker"
Paul Pickering, Broker Associate
Cell: 805 235 3221, or paul@slohomes4sale.com
Bay Osos Brokers, CA DRE license #00997005
KEY WORDS:
SAN LUIS OBISPO COUNTY SHORT SALES
ARROYO GRANDE SHORT SALES
ARROYO GRANDE BANK OWNED HOMES
ARROYO GRANDE REAL ESTATE BROKER
ARROYO GRANDE HOMES FOR SALE
ARROYO GRANDE BUYERS BROKER/AGENT
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