Short Sales a Hot topic but a Long Process in Stockton, CA

Short sales are a big part of the real estate market in Stockton and Lodi as well as on the national scene. Over 56% of current listings on Metrolist are short sales. The big wave of foreclosures has not materialized. Some banks are encouraging those owners underwater in their mortgages to engage a Realtor and sell their homes. Short sales are anything but short and probably should be called long sales. They are a way for buyers to get a property at below market prices. Short sales listings are usually in much better condition than foreclosure properties, they are occupied and they are being maintained: lawns are watered and they don't suffer from vandalism.

There is no mystery about what a short sale is. They are properties that are listed and sold for less than their mortgages. Home owners with foreclosure facing them are more and more choosing short sales rather than foreclosure. Normal sales and foreclosures can take up to 30 to 45 days short sales can take 60 to 90 days. For sellers to be successful in this process they need patience, realistic pricing and an experienced agent. It's not what you think you home is worth but what the market indicates it is worth. Preparation is the key to a successful short sale and the home owner needs to take the following steps:

• Engage an experienced agent that is short sale certified and obtain a realistic market analysis.
• Ask your agent their experience and success with their short sale listings.
• How will the your home be marketed?
• Stage your property for success.
• Put together a short sale package. 
• Make your home available; don't put restrictions on viewing hours and use a MLS lockbox.

The Hugh Lilly Real Estate Group at PMZ Real Estate are short sale certified and have been successful in achieving results for both buyers and sellers and serving clients for over 30 years.  Often successful short sales are the result of team work between the seller, buyer and their agent. Preparation is the key. Visit us at www.huglilly.com . Call us at 209-479-9222.