Are Santa Barbara Short Sales the Best Answer?
They can be a great option for those Santa Barbara home owners who can no longer pay their mortgage and are facing foreclosure.
If you're a Santa Barbara home buyer - how do you know if a Santa Barbara short sale is right for you and your family?
Consider these factors before you consider a short sale:
- Expect a Santa Barbara short sale to take several months. There's a lot of ground to cover when completing a Santa Barbara short sale. For instance, the seller must fill out all the necessary paperwork and get approval from their lender to complete a short sale.
Typically, Marie Sue and I tell Santa Barbara home buyers to expect a short sale to take 3 to 4 months to complete.
- Find out how much the Santa Barbara home seller still owes on the property. If their asking price is a lot less than what they currently owe on the house, there's a possibility that the lender will not approve the short sale. That's because they'd like to see a selling price that's closer to the amount owed on the Santa Barbara home.
- Consider the Santa Barbara property history. Has the seller refinanced the property multiple times? Does the seller own the Santa Barbara home as an investment property/second home? All of these factors may have an effect on the outcome of a Santa Barbara short sale.
- Keep your options open. Even if you find your dream Santa Barbara home and it just happens to be a short sale, we still recommend that you keep looking on the Santa Barbara real estate market while that transaction is in progress. After all, short sales can take a while and you don't want to miss an opportunity on a great Santa Barbara home for sale while you wait for the short sale process on one home to be completed.
Santa Barbara Real Estate
There are a lot of nuances when it comes to successfully completing a Santa Barbara short sale.
As your Santa Barbara real estate experts, we'll give you even more information about Santa Barbara short sales to help you understand the process.