Sonoma County Short Sales Are Worth A Look
October 19th, 2009 categories: Buyer Resource, Foreclosures, Seller Resource, Short Sales
Sonoma County Short Sales were once considered untouchable…likened to the plague if you will. As I wrote in the July 14th article Short Sales AKA Long Sales the process was often frustrating for many involved, on both sides of the transaction. Many buyers knew the process with buying a short sale took a long time, and thus avoided many of them. There are still buyers that avoid short sales, and also many agents who do not work with short sales.
Lately, many lenders, such as Wachovia, have improved their internal processes, and have made the process more efficient. This is great news for many buyers AND sellers.
If you have a Wachovia Mortgage and think a short sale is the answer, please contact us. Wachovia has opened a new Northern California Department that helps to streamline the process. Contact us, and we can put you in direct contact with those in charge who can help speed up and streamline the process. Our contacts can save you months in processing time, and may even help save your credit as well.
Short Sales still are a third priority at most lenders, behind 1. REOs (Bank Owned Homes that have already gone through the foreclosure process) and 2. Loan Modifications – since the government has given financial incentives to lenders to help keep people in their homes. Even though short sales are still not the top priority at many banks, we are finding many lenders much easier to work with than in months past.
The main reasons why the short sale process has improved:
- Internal process improvements at the lenders themselves – The flood of short sales showed the flaws and inefficiencies in past processes, and this took time to correct.
- Fewer properties to review – Currently, there is little inventory on the market, and thus fewer homes for lenders to review.
- Lenders have added personnel – Knowing there will be more and more short sales coming as the unemployment rate continues to rise, banks are adding bench strentgh to get ahead of the problem.
- Lenders have felt the pain of the foreclosure process – Banks understand that a short sale can avoid months of labor and tens of thousands of dollars in additional losses.
Although Sonoma County Foreclosures are much easier than short sales to deal with for all involved, short sales are no longer to be avoided. The buying process may take longer with short sales, but there is more to inventory to choose from as well, and with presumably less competition (as some buyer and some agents avoid them) than foreclosures, there may be better deals as well.
If you plan to purchase a short sale, just make sure you have a competetent Real Estate agent on your side, a prequalification letter, a competent lender, the ability to close on a loan, and some patience as well. Now is a great time to consider a Real Estate purchase as prices are extremely low, mortgage rates remain near record levels, and affordability is near all time highs.
If you would like more information regarding Sonoma County Foreclosures or Sonoma County Short Sales, feel free to contact us. We look forward to hearing from you.
