Property Q&A in Santa Rosa>Question Details

James M Pryor, Home Buyer in New Germany, MN

How long has this property been on the market?

Asked by James M Pryor, New Germany, MN Thu Jan 1, 2009

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Hi James, this property went on the market on August 28, 2008 & appears to have gone into escrow on September 1st, 2008. Currently it is showing on the multiple listing service as being still in escrow. This particular property is being offered as a short sale by the seller. A short sale is when market value is less then what is owed on the mortgage and the seller does not have money to make up the difference thus having to ask their mortgage holder(s) allow them to sell the house for less and not owe the mortgage holder the difference. These sort of transactions can be quite lengthy due to the time it generally takes to receive an answer from the mortgage holder. Often times an answer can take 6-8 weeks or more. Quite often buyers go away due to finding another more saleable property. The fact that it's been in escrow for over 3 months now is not uncharachteristic of short sales.

Lynn Bowen
Domaine Real Estate
Sebastopol CA
0 votes Thank Flag Link Mon Jan 5, 2009
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