Short sale volume has significantly declined over the past two years in the San Francisco market. But such sales are still popping up; I’m actually in the process of representing sellers on a short sale listing. And based on the questions I’ve been asked at my open houses, I think it might be a good time for a blog post for prospective home buyers about short sale basics.
Buyers and sellers both take on risks when they get involved with short sales. The seller risks having the short sale denied, or approved and then cancelled by the buyer. And the buyer risks waiting for short sale approval and then being informed that the sale won’t be approved by the seller’s lender(s). Continue Reading