Short Sale Waiting Game

Right now the biggest issues regular Sellers are facing is competing against the short sale price.

But let's think about this? Is it really a competition or an inconvenience to buy a short sale? Here are some facts about short sales that might change your mind.

Most of the short sales I visited this week looked like they had never had any work done to them, and for some reason there is a build up of 'trash' around the house from the outside. Forget about the inside. Why is this? I guess depression sets in and care flies out the window.

Short Sales now involve the mercy of the bank to negotiate with the intended buyer. You already seem to have a deal and the bank has already stated in a sense they are willing to take a loss. It's as if the bank should move on cut to the chase and do the deal. But the bureaucracy of banks (and any other institution) now involves 'departments'. As each department signs off and passes on their slip of paper to another minion the paper trail gets longer. The time in getting accepted takes .... forever.

I mentioned to another realtor, who works out of Sacramento, that it may take 5 to 8 weeks before you here something here in the Bay Area. Her response was here in Sac it's 5 to 8 months! Great, you get the picture of the future here in the Bay Area right?

So you think you've got yourself a bargain? Maybe but you've also got yourself a waiting game. Perhaps during this game you realize there are better deals and what's even more sweet at the moment is that the houses that don't involve short sales are priced according to the Short Sale - so look at those and skip the short sale and the hassle. Be a smart buyer not a smarta$$ buyer would be my tip. It's like the spaving theory. You buy more to save! Get 3 for 2 deal. Right now your short sale buys you paper work anguish, dealing with bank minions in India, and a house that has had no or little maintenance by it's previous owner due to the fact they had no extra cash to maintain it.

Save yourself the hassle and buy a regular listing in a currently low market. Go shopping and get a bargain but avoid a short sale - be a smart shopper.