Searching for short sale listings can sometimes lead to some great deals. Short sales are when the seller owes more to the bank than the home is worth. The short sale is listed on the Multiple Listing Service (MLS) like any other sale but, letting the public know that this is a short sale. Short sales can be pre-approved (the price that is being offered is a negotiated price that the lender has already indicated that they will accept) or not. If the short sale has not been pre-approved by the lender(s) that hold the note, a package that includes the buyers offer is sent to the lender(s) for approval. This process can take from few to many months as the lender(s) perform their due diligence and accept, counter-offer, or deny the short sale. For this reason, it is important that the buyer be patient as the process can take many months.
Contact us at (510) 868-2772 or fill out our short form below and one of our short sale specialists will contact you directly.