A “Short Sale Contingency” is a status which means the bank has received an offer and is reviewing it for possible acceptance.
Is it true that you can count on more than a year for a short sale offer to be accepted? No. The average time of acceptance is three months.
The variables are who is the lender? How many lenders? Is the property in default? Is the listing agent experienced, and a few more. But as with any transaction, Murphy’s law always rules.
However, if you prepare yourself as a buyer (pre-approved, motivated, identified your “must have’s” and “can’t stands”), aremed yourself with great representation (preferrably a full-time REALTOR who is experienced and successful in making offers in this market), there is a great possibility that, should you make an offer on a short sale, that the average time will prevail.
There are also ways that your agent can gain more control over the timeframe of the short sale and ensure that you are kept current on the activities of the short sale as it progresses. This indirectly forces listing agents who may just sit idly by to actually work the short sale.
For more tips and info feel free to visit my site, contact me by email email@example.com, or contact our office at (916) 266-4835.
Web Reference: http://www.SacramentoShortSaleLady.com
The Sacramento, CA area industry standard is as follows:
1. Know what you can afford – Attain a preapproval letter from a lender or ensure you have supporting documents if you plan to pay cash. This is referred to as “proof of funds”.
2. Find a good REALTOR – There are varying types of real estate agents out there. But the one that may best serve you will be a REALTOR, full-time, and with the experience needed to help you navigate this challenging market. You will provide your agent with the pre-approval or proof of funds (or both) right up front. This lets the REALTOR know that you are serious and ready to move forward when you identify a home.
3. Identify your “Must Have’s” and “Can’t Stands” – Your REALTOR will go over this checklist with you which will also include the area you desire, square footage, bed/bath requirements, etc.
4. Check MLS (MetroList Services, Sacramento service provider) – I recommend ONLY using this database because sometimes the online property websites are delayed with the statuses of the properties, and by the time you see something you want, it may no longer be available. Your REALTOR can set up a client portal for you which displays properties available in real-time. The REALTOR can also choose to send you ONLY foreclosures or sometimes they are referred to as “Bank Owned” and “REO’s” (Real Estate Owned, a terminology the banks use to identify what’s on their books).
5. Once you identify a property, because you took the steps above, you are all ready to go! Your REALTOR can submit an offer on your behalf and you have increased your chances of aquiring that property because you are prepared in avance and know EXACTLY what you want.
Happy House Hunting!!
Where are the safest, nicest areas to live in sacramento? anything close to the sacramento airport? we are moving without ever seeing sacramento.
We just recenly assisted another family who moved to the area without having seen it before. The ideal way would be to make a visit to the area if you can, for a few days, prior to the move. This is to determine what your own personal standard of “nice neighborhood” actually looks like,
Sacramento is a very diverse city with neighborhoods ranging from not so good to “dynamite”. There are Sacramento neighborhoods near the airport as well as neighboring cities.
If you are unable to come to our fair city prior to moving here, the next best step would be a phone consultation with an area agent who can ask you questions to help determine your needs and wants, must haves, and can’t stands, and then set out to make that happen for you.
Technology allows for tools such as picture tours and virtual tours of properties which can be sent directly to your email. Virtual tours are video footage of the property and neighborhood which give you the benefits of viewing the property from the comfort of your personal computer.
So a consultation, combined with utilizing technology can help narrow down your options and find you a home in just the right area, in just the right time for your move (maybe even in enough time to take advantage of the homebuyers tax credit before it expires this spring).
Hope that helps! My best to you and happy house hunting!!