Santa Monica short sales have gotten a bad reputation from agents, buyers and sellers. This bad reputation can be due to all of the myths and misconceptions out there on the market. One of the Santa Monica short sale myths is that short sales take 12 to 18 months to close. This is a myth because the fastest we have seen a Santa Monica short sale close has been in 62 days. The time frame for the average Santa Monica short sale is 7 to 10 days for the bank or lender to acknowledge they have received the short sale package. Assuming this is a complete short sale package; things will run a lot faster. Then a Santa Monica short sale negotiator will be assigned. It will take an additional 30 to 45 days to get the BPO appraisal complete. Then it looks like another 2 to 3 weeks to get the short sale approval. Another short sale myth is that Santa Monica short sale buyers pay too much. In some cities, the listing agent will purposely place a short sale on the market for at below the market value. This has been used as a tactic to get multiple offers on the property. When you think about it, a list price on a short sale is made up because you never know how much the bank or lender will accept until the offer and short sale package is submitted. Many banks have been known to consider a price at a minimum of 90% of market value. If an offer is unreasonable or too low, the bank will most likely reject the offer. Santa Monica short sales can be a fairly easy, stress free process if you work with the right Santa Monica short sale agent. Begin your search today and don’t worry about all of the short sale myths that are out there on the market.
