Rick Smith Associate Broker, COO

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A Short Sale Could Be a Waiting Game

Buying a short sale property in the current housing scenario is a sensible decision. Many attractive short sale properties are available at affordable prices if you get a good realtor to point them out to you. But a short sale transaction is not as simple as all that because the homeowner’s bank, as the lender, has to approve the sale because the bank is going to receive less than it is owed.  Although you are purchasing the property from the Homeowner (seller of record), the bank is in control of the process because in the end, the amount paid for the property is determined by the bank.  Effectively it’s like you are buying the property from bank through a normal purchase agreement. Unfortunately banks are known to be notoriously slow in giving their OK to your short sale offer which means the whole transaction could well turn out to be a demoralizing waiting game.

But if you’re looking at buying a short sale property in the Bay Area you need to get someone like Rick Smith to go to bat for you. Rick Smith is a Bay Area Realtor with decades of experience behind him. He knows banks and the way they work so is able to fast track a short sale transaction saving you the uncertainty of delay. Check his website www.ricksmithrealtor.com to know more of short sale properties and his short sale philosophy.