Basics of a Short Sale with Regards to Real Estate in Santa Barbara CA.
If you are in a financial position that you are behind on your mortgage payments or are simply considering not making these payments because the value of your home has dropped below the open market value, then you are most likely considering the potential option of a short sale of your home. If so, then most likely you are also wondering how the whole process exactly works and how it will unfold. There is no need to feel confused as most of the steps are very basic.
- Deciding that it is best for you to sell your home and get "out from under your payments"
- Getting in touch with a Santa Barbara Real Estate agent such as Kevin Schmidtchen that has true knowledge of the short sale process
- Put your home on the market at a low enough price to encourage buyers to make an offer on your home
- Once an offer is accepted by you the seller, it will then be sent to the bank for consideration
- Bank will then assign a negotiator to your "file"
- Bank obtains Broker Price Opinion (BPO)
- Approval process takes place
- Bank determines if they are going to sell the property at the offered price
- Once a short sale receives approval by the bank, the property is in a normal escrow that will close in roughly 30 to 60 days
Note...This entire process can require anywhere from three to six months on average. During this time, feel confident that as a short sale specialist, I will communicate with you and walk you through every step of the process. The goal is to make the process for you the least stressful and hectic as possible and to help you avoid foreclosure.
For information on Real Estate here in Santa Barbara, Montecito and/or our surrounding areas, as well as any other aspects of life in our area, please don’t hesitate to contact Kevin Schmidtchen at Berkshire Hathaway.
Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.
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