When Short Sales Stall

With so many short sales in Costa Mesa, California and throughout the nation, many sellers are wondering how to deal with lowball offers, which can halt the short sale transaction. Prior to 2010 the big problem was that the banks were not responding to the offers in a timely manner, forcing many short sales into long sales, or no sale at all.Fortunately, the government stepped in and added regulations to the short sale process. For instance with our Costa Mesa short sales, we are seeing faster feedback from the lenders. Overall, lenders are working harder to make a deal (and our agents are really persistent!)The next challenging issue is what to do if the offer is rejected by the lender. A recent Inman News article said (and we agree!) that the first thing an agent should do is find out as much a possible from the lender about why the offer was rejected. This may not be possible in all cases so the selling agent needs to take further action. For one thing, selling agents should ask the buyers to put in a higher offer. The listing agent should also go after higher offers from other prospective buyers.About Torelli Realty: Torelli Realty is proud to offer home improvement and home staging tips to help your home’s value throughout Costa Mesa and in Mesa Verde. The company has been servicing Costa Mesa, CA almost exclusively for over 25 years and knows Costa Mesa real estate. The company has 100% success with short sales. Feel free to contact Torelli Realty for a consultation and for all your real estate needs.WEBSITESHORT SALE WEBSITETWITTER  – FACEBOOK - COMPANY BLOG