2012 is full of promise and while we still have a big inventory of short sales and bank owned properties for sale we are experiencing many successful closings.
2011 didn't surprise most of the real estate practitioners in Santa Cruz. The Santa Cruz real estate market was steady throughout the year. Short sales and bank owned homes were prevalent in our real estate market. Many banks refined their systems in 2011 and are working to expedite the short sale process. Our office in particular has worked with a number of sellers in short sales and successfully closed nearly 100% of the transactions.
In the past three months we have become familiar with what is called a Cooperative Short Sale. The Cooperative Short Sale process consists of the seller or agent contacting the bank directly about the desire to short sale. Specifically the Cooperative Short Sale is requested when an offer has not yet been obtained and in our case the properties weren't yet listed for sale. The bank pays for a fee appraisal, a broker price opinion, then sets their suggested listing price. The sellers and listing agent are given a minimum of 120 day marketing period. During the 120 marketing the price reductions are made at the discretion of the bank approximately every three weeks. In the event the property doesn't sell the seller agrees to a Deed In Lieu of Foreclosure. In all three of the listings we've had offers have been obtained and two of the three received bank approval within a few weeks.
We believe that the Cooperative Short Sale will continue to be a viable option to homeowners that have had a hardship and need to sell their home. As in the past, homeowners are advised to first speak to a real estate attorney to determine if short sale is the best option for their individual circumstances.
Santa Cruz County Short Sales
Bank Owned Homes for Sale
Options to Foreclosure