Nationally about 80% of short sale requests are denied, meaning less than 20% of all short sales close in the United States. In San Mateo County, we are seeing a failure rate of about 70%, meaning about 30% of the short sale proposals close escrow. Not very good odds if you’re a buyer.
How Can You Improve Your Changes of a Successful San Mateo Short Sale?
Rather than waste your time chasing a short sale that will likely not succeed, ask the listing agent these five questions before writing an offer:
- Has the homeowner stopped making payments?
- Has the bank received the seller’s short sale application package with the hardship letter and all of the supporting documentation?
- Has the bank approved the short sale in writing?
- Has the seller agreed to accept all of the bank’s conditions?
- When is the scheduled trustee’s sale?
Why Ask These Questions?
For the reasons why San Mateo home buyers should ask these questions of a listing agent when considering purchasing a short sale, listen to our latest 3 Minute Coaching Moment with Raymond Stoklosa, Managing Broker and Co-Owner of The RayChel Realty Group. In this short video, Raymond explains why the answers to these five questions will improve your chances of closing escrow when you make an offer on a short sale in San Mateo.
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Raymond Stoklosa, Broker/Co-Owner
Chela Stoklosa, Realtor/Co-Owner
