Stanislaus County Short Sales - Get A Fresh Start For The New Year

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Real Estate Agent with Century 21 M&M - 209-633-2839 BRE #01423125

Stanislaus County Short Sales - Get A Fresh Start For The New Year

 

I have been asked a couple of times in the last month "If we list our home as a Stanislaus County short sale can we stay in it through the holidays?"  Fortunately this is one of the easier questions to answer.  Almost certainly you will be able to stay in your Home for the Holidayshome through out the holidays if you list it now.  The one exception MAY be if your home has a Wachovia Mortgage because they move VERY fast on their short sale approvals.  

 

In October in Stanislaus County the average days on the market for all homes sold was 60.   So just based on that piece of information alone if you were to list your home today (11/2/11) as a Stanislaus County Short Sale you wouldn't be closing the sale until the first part of 2012.  Of course 60 days is an average, some homes sold faster and some took longer to sell.  So what would happen if you listed your home as a Stanislaus County Short Sale today and you received an offer tomorrow? 

When you receive an offer it still has to be either accepted, rejected or countered by you the seller.  This could take a few days.  Once we have an accepted offer then the offer along with other documents is sent to the bank.  Once the bank has the documents they will take a few days to review them to make sure they have everything they need.  When that is done the Short Sale Package will be sent to the negotiator.  The bank will also hire someone to appraise your home.  After the appraisal is done it can take a week to 10 days (best case) for the bank to review it.    The bank will then make the decision about the short sale.  They may conclude that the purchase price Home for the Holidaysis too low so that will have to be renegotiated with the buyer.  Sometimes the bank may even accept the offer just as it is.  All of this negotiation will take about a month (in the best case) or longer. 

So even if the home is listed and you receive an offer on the first day and you get the bank approval within a month you will now have the escrow period.  Most buyers are borrowing the money to buy your home so the escrow period will most likely be at least 30 days.  We are now up to a total of 2 months and into early 2012.  Of course this is a very simplified version of what happens during a short sale. 

So if have been thinking about listing your home as a Stanislaus County Short Sale but didn't want to have to move out before the holidays now is the time to list it.  You can get the process started now and make a fresh start in the new year.  Call me today at 209-633-2839 and we can discuss your situation and what is best for you.  I look forward to hearing from you soon.

Jim Patton Stanislaus County Short Sale Agent

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Jim Patton - Realtor, Short Sale Specialist, CDPE

Century 21 M&M and Associates

BRE# 01423125

Ph. 209-633-2839

Jpatton@c21mm.com

www.JPattonHomes.com

 

 

Jim Patton Stanislaus County Short Sale Agent

 

 

 

 

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The author of this blog, Jim Patton, is a full time Realtor with Century 21 M&M and Associates.  Jim is a Central California Short Sale Specialist who lists and successfully sells short sales throughout Stanislaus, Merced and San Joaquin counties. Call Jim Patton at 209-633-2839.

The views expressed herein are Jim Patton's personal views and do not reflect the views of Century 21M&M and Associates

 

 

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Rainmaker
1,265,565
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Jim - Great post! A question I haven't received yet, but I'm sure is on a lot of short sale sellers minds.

Nov 02, 2011 10:26 PM #1
Rainmaker
965,887
Will Hamm
Hamm Homes - Centennial, CO

Jim,  Good advice for the short sale people out there.  It is hard to be upside down and not have a home for the holidays.

Nov 02, 2011 11:31 PM #2
Rainmaker
435,055
Jim Patton
Century 21 M&M - 209-633-2839 - Turlock, CA
Realtor - Stanislaus & Merced county Realtor.

Michelle - My last two listings this was a concern of the sellers.  Can't say that I blame them, who wants to move during the holidays.  Thanks for reading.

Will -  At least it gives the sellers a little bit of comfort durning a very trying time.   Thanks for the comment.

Nov 03, 2011 03:50 PM #3
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Rainmaker
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Jim Patton

Realtor - Stanislaus & Merced county Realtor.
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