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Short Sale Hell In Sacramento Real Estate

Mission Impossible – Short Sales

Short sales.  What a mess.

Over the last few weeks, it’s been evident that short sales have recently become tougher than they were six months ago.  The banks are inundated, agents can’t keep up with the changes the banks are making to the process and the buyers are getting screwed in the process.

With an absence of bank owned homes to sell and the economy getting worse, short sales are now taking center stage as more appear for sale in the MLS.  Banks, who you’d think would want to sell short rather than going through a costly foreclosure process, are making it tougher to get a deal done and homes off their books.  It seems as if they would almost rather foreclose than sell at a higher price while avoiding the foreclosure process. (short sales typically sell for more than bank owned foreclosed homes)

There has to be some money on the backend for them to make it this tough.

“I’ve Got Approval On The Second, Trust Me”

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The First Step To Getting Your Short Sale Approved

Having to sell your home short is hard.  You’re in a tough spot, you may have lost your job, getting divorced, been injured or just have too much debt and can no longer afford the mortgage payment.  This is happening all over the Sacramento region as well as all over our nation.

If you must sell your home short of what you owe, you’ve got to make sure that you get the right agent who knows the process of short sales to help guide you through what it will take to negotiate with your lender to approve the sale and get you on your way as quickly as possible.

The Short Sale Package

The first thing to understand is that there isn’t anything quick about a short sale.  They can take up to 90 to 120 to get approval once offers have come in.  Often times the buyer’s get tired of waiting and proceed on to another home and the possibility of foreclosure is looming.

If you get your package together in advance, it can make a world of difference in the time it takes for your lender to approve you to sell short.  Here’s a sample list of what could be required by your lender:

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