Contact Information

Jeremiah Peterson

Keller Williams Premier Properties
191 Sand Creek Road Suite 100, Brentwood CA 94513

Office: (818) 454-3861
Fax: (925) 634-4427
E-Mail: Jeremiah@JeremiahPeterson.com

Short Sales

Today, short sales are a real problem. They often have more than one bank with a lien on the property, the sellers are often in the property with no real motivation to properly disclose or take care of the home, and answers to offers still take months and often result in a “no”. Not to mention that many of these properties come with second and/or third loans (often with different loan companies). The biggest problem remains pricing. Buyers do not understand that it is very common that an agent will price a property artificially low to generate calls and offers.

The recent consensus in the industry is that banks are leaning more towards “approved short sales”. This will be like a reverse mortgage. The bank will appraise the property beforehand without having to have a buyer before processing begins. These “approved short sales” are expected to hit the market sometime this year. Still, typically most short sales are done in the traditional way. I would suggest staying away from the traditional short sales, until the market switches to these new approved transactions. If you decide against my advice be prepared to wait often up to 3 months or longer before the bank will even consider approving the transaction.