It has been a strange last few years in the Santa Clarita Real Estate market. We have seen the top of the Real Estate market, where prices were on the rise, in some cases, $30,000 in a single month. Everyone had thought, as we did, that the market would continue to increase forever. (hindsight being 20-20) However, thanks to -anyone you can blame, place their name, title or trade affiliation here-, we saw the Real Estate market collapse.
Now the Short Sale World is alive and well. At the beginning of the collapse – one had to talk to a Real Estate agent with more than 20 years of Real Estate experience to explain what the “Short Pay” was – as it was called back in the day.
Today, the banks have adjusted, the government has intervened, and there are a miracuouls number of Law Firms that want to help you with your Short Sale property. All either want to represent you with your short sale, obtain for you a Loan Modification or Principal Reduction. Who can you Trust?
Dad always said he was too poor to buy cheap things. Guarantee’s are great, but can you guarantee their guarantee? What does the small print contain – are you being granted some time to “think about” what you are about to sign? Can you seek advice from others that are in the same industry? Some will tell you that any discussion, to anyone, of their “Guarantee Sold” home model will create legal issues for you. In fact, you cannot even speak with your mother about the contracts and marketing plan you are signing.
Here is the bottom line, read and re-read. If you have someone telling you that “this is your last chance”. Run away and don’t look back. This is not your last chance when it comes to a Short Sale. Unless your home is headed for the auction block in the coming week, which we have been able to save in some cases, this is not your “last chance”.
How about the interesting advertisement about, “if we cannot sell your home – We will let you fire us?” I would hope so. If the agent is upfront with you and truly gives you all of the Real Estate dynamics for the current market – you are in good shape.
Get the facts – you are not reading a mystery novel – everything should be laid out and the largest commission reduction is not always the best option.