Santa Barbara short sales have become increasingly common in recent years on the Santa Barbara real estate market.
They can be a great option for those Santa Barbara home owners who can no longer pay their mortgage and are facing foreclosure.
They've also become increasingly attractive to Santa Barbara home buyers looking for a good deal on the Santa Barbara real estate market.
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.
If you're a Santa Barbara home buyer interested in a short sale, then contact us, Marie Sue Parsons and Stephanie Young.
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.