When is a Short Sale Not a Short Sale?

True story…Seller is an elderly widow.  Her husband became quite ill and they spent every penny of their savings trying to return him to health. After his death she did the best she could to hang on and make things work. She rented out all the extra bedrooms, turned the thermostat down, and crimped on every expenditure. It was a slowly losing battle and finally she just could not do it any longer. She put the house on the market as a short sale.

The house was listed at $229K, she owed a little over $300K to the bank.  Her home had lots of delayed maintenance but was in a good area of Santa Rosa and was basically sound construction.  7 days and 19 offers later, she accepted an offer for $345K curing her short sale and paying all her expenses related to the sale.  She also side-stepped a potential credit issue.

If you haven’t taken a look lately, there is a huge demand for homes in the $500s and below, but very little on the market.  The offers are aggressive…cash, as is, no appraisal and a fast close.  This could be your chance to cure your financial situation and get out from under your mortgage.

Less than two miles from that house and within the last 3 months this happened…

  • 429 Bosley (South of A neighborhood), an early 1900s bungalow listed for $229K as a short sale got 33 offers and finished up in contract at $329K.
  • 521 Hendley (Burbank Gardens), listed at $249K, in contract in one day, closed in 27 days at $255K.
  • 410 Brown (Burbank Gardens), listed at $249K, it had a price increase to $289K within 3 days because of the intense interest. Went into contract in 7 days with multiple offers.

Call me and I can tell give you an idea of the market value of your home.  Good decisions require good information.