Blogging Broker

Cha Ching!!!  Finally manage to have a closing on a “short sale”.  In case you dont know what a “short sale” is, its when the lender is willing to accept an amount less than the full price owed on the mortgage.   A couple of years ago in Fresno the close rate on short sales was VERY low.  Overtime this has changed and now the lenders seemed to be more agreeable to accepting a short sale.  It makes goood sense to me.  Foreclosures are very costly and from my experience the offers that are made when a property is in a short sale listing are often greater than the subsequent list price.

In this particular deal that just closed the offer was made last year, I think around the end of October; and we just closed last week!