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As a Sacramento Short Sale agent and Broker with Riede Real Estate it’s time that home buyers fully understand Short Sales.
They are the Wild Wild West in Real Estate. Short Sales are a breed unto their own.
Depending on the bank and depending on the agent or Realtor, depends upon how well the Short Sale will go.
If you’ve been living under a rock and don’t know what a Short Sale is be sure to read this article to catch up with the Sacramento Real Estate market.
Let’s get to the point with Short Sales. As a home buyer when you see the word “CONT.” Stop, look the other way and run to a home or condo for sale that does NOT have the word “cont” next to it.
“Active Short Cont.” is the Wild West way of saying Pending Sale. The homeowner has accepted an offer and that offer has now been sent to the bank for their 45–120 day review! Only one offer can be accepted by the Seller and anything else is simply back-up.
Some agents will let the bank know they have other offers and other agents will not. Realtors need to remember they represent the seller, not the bank. As a listing agent we always do the best for the seller.
The major point here is that most if not all Short Sales have received many offers that are in back-up position. Just yesterday, a home buyer wanted to place an offer on a Short Sale below the offering price.
I knew this house would go over asking price but thought I would call and talk to the listing agent to find out just how many offers he had. 14 offers were for this house and ALL were over the asking price.
Now, homebuyers do you understand you are hurting yourself if you focus on “Active Short Cont?” There is no point in seeing a house you will not get so go after the house or condo where you might be the highest offer sent to the bank. That is the goal…be the sharpest pencil!
This is the Wild Wild West…we have banks who in my opinion are in RESPA violation asking Realtors and home buyers to pay additionally outside of escrow. These are deals to walk away from.
Better yet, if you see a traditional sale, beat the door down and get their first!
Click to see ALL homes for sale in Sacramento that are Short Sales from $200,000 to $400,000
Click to see Short Sale homes for sale in Sacramento from $400,000-$600,000
Click to see Sacramento Short Sale homes for sale from $600,000 and UP
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Other Short Sale Articles:
You Can’t Be A Toast Watcher and Buy a Short Sale
Short Sale Agent in Sacramento Speaks Out
