Dublin Short Sale Help – What is a Short Sale

Dublin Short Sales are on the rise and hiring a Short Sale Realtor and local expert is extremely important. Messing up your Dublin short sale could lead to foreclosure.

If you are a Dublin homeowner it might be interesting to know there are currently 64 short sales in Dublin.

What is a Short Sale? Basically a short sale is selling a home short of what is owed on the mortgage. If you owe $500,000 on your home and similar homes are selling for $400,000, you would be shorting the bank $100,000 if you had to sell. Fore more info contact us at 925.621.4064.

Benefits of Short Sale. Avoiding foreclosure and saving credit score. Most of the negative effect of a credit score comes from missed payments on your loan, that is why hiring an agent who knows the short sale process can actually help save your credit too.

Negatives of Short Sale. Time and a lot of lookers. If you need to sell your home and you are short, you need to price it well enough to attract buyers and keep them around. The process of a short sale can take months and buyers can walk away. There will also be a lot of activity if the pricing is right to keep acitvity high. Again make sure the agent you hire knows the short sale process.

If you are a Dublin resident and need help selling a home and you fit the scenario above, contact us at 925.621.4064, or send us an email. We have successfully sold many short sales in Dublin and Pleasanton.

What is a Short Sale – Understanding Short Sales

A short sale in basic terms is selling a home for less than what is owed on the home.

Other than the seller being ‘upside down’ and as a buyer needing to deal with the bank, most aspects of a short sale are similar to buying a home in which the seller has equity.

What is different in a short sale?

The biggest difference is the obvious, getting the lender to accept less than what is owed to them.

One point to remember is that just because a home is listed for sale as a short sale doesn’t mean the bank will accept less, they may decide to go to foreclosure even if the seller accepts your offer.

If you write an offer on a short sale, prepare to wait and wait and wait for an answer from the bank. Many times the home you made an offer on and received acceptance from the seller is still on the market as available. The seller may hope to receive another higher offer, and some banks can request all offers to be submitted to them and you could be bumped out of acceptance if a higher comes in, despite the initial acceptance from the seller.

Make sure the agent you hire has checked the important foreclosure proceeding dates. Nothing could be worse than waiting to receive acceptance from the bank only to see someone come in and buy that home at auction out from under you.

If you are thinking of buying a short sale, talk to a Realtor who has experience with short sales and a Realtor who is local and knows the neighborhood.