Buyers: if
you've been afraid of buying a short sale because of all the horror
stories you've heard (some of which are true, while some are
exaggerated) the diagram below explains the different stages and time frames of a short sale.
Sellers: if you want to know more about how short sale works and how it could be better than a foreclosure, this process will give you a bird's eye view on what really happens through a short sale transaction.
"It's not going to be walk in the park. Short sale is a grueling process due to the waiting game between the agent and the bank."
This is my standard reply to clients and friends asking if short sales is a 'painless alternative' to foreclosure.
It really is a tedious job. It requires saintly patience and an able agent. "But is it really worth it?"
Here's a testimonial from a someone who went through a successful short sale process:
TESTIMONIAL: from previous owner of 1608 Sewell Dr. Reno,NV 89521
"I was laid off from the state in November of 2007 due to major
budget cuts. We were no longer able to make our house payments as the
job market was just beginning to get worse and worse. We did all we
could to get employed but were not able to. We had had excellent
credit and did not want to foreclose.
We were in our home in San Jose for 23 years and always paid on
time. My agent in San Jose found Joe Salcedo in Reno for me and told
me he has a lot of experience in short sales. He priced our home at a
very realistic price in relation to the market values at the time.
Joe was very professional and before we knew it we had an offer on our
home. In September of 2008 our home closed.
My husband was fortunate enough to get his job back in Mountain
View and we happily have moved back to the bay area (our home). I
recommended Joe to my daughter for her short sale--her house is already
in contract! We will be forever grateful for the assistance of Joe
Salcedo. "
Sincerely,
James and Marsha McGinnis
--Please feel free to call me for a reference
at 775-303-8469
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Thinking of doing a short sale? Call Joe today! 775-338-7653. Joe currently has twenty-four short sale listings (eleven are in contract).
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Additional resources:
Joe,
Thanks for this. I have been wondering how the process goes and this flow chart of yours is the answer. Keep it up.
Rick