Factors in a Santa Barbara Short Sale
As Santa Barbara short sales have become more commonplace on the Santa Barbara real estate market, they seem to have developed two very different reputations.
On the one hand, Santa Barbara home buyers see short sales as a great opportunity to purchase an amazing Santa Barbara home for sale at a discounted price.
But on the other hand, some Santa Barbara home buyers connect short sales with long, tedious real estate transactions that are never a sure thing until they're completed.
While it's true that a Santa Barbara short sale may take longer than your typical Santa Barbara real estate transaction, that doesn't necessarily have to be a dealbreaker for you.
The key is to prepare yourself for the kinds of obstacles that you might encounter when completing a Santa Barbara short sale. That way, you can anticipate these issues and feel prepared when they do happen.
Santa Barbara, California Short Sales
Here's a look at some of the most common issues that Santa Barbara home buyers have with short sales - and what you can do if you encounter these issues:
- Time. If you're considering a Santa Barbara short sale, I recommend that you accept now the fact that the transaction might take longer than you originally expected. In some cases, a short sale can take more than a few months longer than a typical sale to complete. That's because there's a lot of extra paperwork to fill out during a short sale, plus the fact that you will have to wait for the seller's lender to approve the short sale before you can move forward. But if you're patient, you could stand to get a great deal on a beautiful Santa Barbara home.
- Getting the Right Price for the Santa Barbara Home. Lenders know they're going to lose some money after a short sale is completed - albeit it's nowhere near the money they lose if they foreclose on a home. Thus, those lenders are not likely to take excessively low offers because they want to recoup as much of their losses as they can. So be strategic when you make offers on short sale properties - because there's a risk you could lose out on a great Santa Barbara home if the offer is too low.
- Potential Last Minute Fall Through. There are a lot of moving parts to a Santa Barbara short sale. And sometimes that causes deals to fall through or become delayed at the last minute. Accepting that this is sometimes par for the course on a Santa Barbara short sale will save you a lot of stress.
- Double Standards. When you pursue a Santa Barbara short sale as a Santa Barbara home buyer, a lot of your interactions will be with the bank that lent the money to the seller in the first place. These big corporations are sometimes less than timely about handling its side of the deal - yet they will often expect interested Santa Barbara home buyers to move as quickly as possible when handling their paperwork. Trying to remain calm during these situations and recognizing that there is a double standard attached to short sales will save you a lot of heartache in the end.
A short sale is a unique type of Santa Barbara real estate transaction that isn't right for everyone.
If you'd like to learn more about what to expect during a Santa Barbara short sale, then contact us, Marie Sue Parsons and Stephanie Young, your Santa Barbara real estate experts, today!