Santa Barbara, California short sales have become increasingly common since the national real estate market bubble burst a couple of years ago. Yet there are still a lot of misconceptions about Santa Barbara short sales on the Santa Barbara real estate market. For instance, many Santa Barbara home sellers believe that completing a short sale will hurt their credit score, when in fact the opposite is true.
During a Santa Barbara short sale, the bank allows you to sell your home for less than what is owed on your Santa Barbara home. A short sale will actually protect your credit from falling further because all collection activity will stop once you've completed a Santa Barbara short sale. Plus, you'll be able to buy a new home sooner. According to national averages, most people are eligible to buy a new Santa Barbara home just 2 years after a short sale. If you foreclose on your Santa Barbara home, you'll likely have to wait 5 to 7 years.
Completing a short sale can be a complicated process if you're not working with experienced Santa Barbara real estate agents. So if you're thinking about short selling your Santa Barbara home, contact us, Marie Sue Parsons and Stephanie Young. As your Santa Barbara real estate experts, we'd be happy to answer any questions you might have about the Santa Barbara short sale process.