How To Save Tons Of Money Using Short Sales In Redding

Defining the Short Sale:

Defining the Short Sale:

A short sale is a real estate transaction often used in place of foreclosure. The initial circumstances will generally involve a Redding property owner who cannot afford to pay for his or her property. Due to the many fees and losses incurred in the foreclosure and resale process, sometimes banks will agree to let the owner quickly sell the property for less than what is currently owed in exchange for dropping the owners liability to pay the full amount. These arrangements will generally be made when the bank determines that the contract is a definite loss and a short sale is the best way to mitigate that loss. A short sale agent in Redding with specialized expertise in this department will be assigned to handle the sale and work with the property owners to achieve the most beneficial scenario.

Challenges Involved With A Short Sale:

I think math is the simplest way to illustrate the dilemma. During a typical Redding real estate transaction, there are two primary candidates involved: the buyer and the seller. In a short sale transaction, the players involved have been increased to four: the buyer, the buyers bank, the seller, and the sellers bank. As short sales tend to stem from less than ideal situations, sellers tend to become very narrow-sighted in their impatience to get rid of the financial liability their home has become. They are not looking to present the buyer with the best possible version of their home. Buyers know this and are thus extremely cautious, hesitant, and even paranoid when advancing through the short sale process. Additionally, both banks have a vested interest in the outcome of the sale, they each have different ways of handling short sales in Redding, and they both are determined not to lose money on the transaction. This makes for a very long and drawn out process for all real estate agents involved in handling a Redding short sale.

Handling Impatient Buyers:

More often than not, the buyers involved in a short sale are purchasing their very first home. The below-market prices are very attractive to first-time buyers and they tend to be more willing to absorb riskier situations if there is a chance for a higher reward in the form of an incredible house. Due to the slow moving nature of short sales, buyers will often grow impatient at being delayed from moving into their dream home. Sometimes, if not previously prepared by their Redding short sale agents, buyers will become very disappointed with the process and disillusioned with the property and at times even walk away from the deal. Sellers should be ready to speak affirmatively to the buyers, communicating good will, lessening their concerns, and preparing them mentally for the process.

The Value of a Short Sale:

The main thing to understand when considering a short sale is that you are trading time for money. Whether you are the buyer or seller, you are saving money at the expense of time. Thus, the only way to know whether a short sale is right for you is to know how much money your time is worth and approximately how much extra time your short sale will cost you. If you do decide to get a short sale, Real Living has the short sale agents and other real estate agents in Redding that you need to make your purchase or sale a complete success.

by: Ross Domke

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