December 26, 2010 (Newswire.com) - This expertise is necessary in today's housing market crisis and can benefit potential home buyers and home sellers.
Realty in the San Jose area has been up and down for the past couple of years. This has been influenced by the number of short sales and foreclosures in the area. Buying or selling a short sale requires a great deal of knowledge, expertise, and patience on both sides. San Jose realty companies deal with short sales on a daily basis and thus have become experts in this field. Almost 50% of houses for sale are currently either a short sale or a foreclosure.
Selling a short sale home involves much more work than selling your home in the traditional method. This is because the mortgage company is also involved in the process and must approve a short sale.
The mortgage company must first agree to a short sale which sometimes can take some persuading. A San Jose realty company knows and understands this and can thus help a home buyer understand the process. Most mortgage companies will not agree to a short sale unless the home buyer is delinquent on mortgage payments. This is difficult for home buyers to understand because they are trying to preserve their credit rating while get out from under a house one can no longer afford.
Buying a short sale requires expert knowledge as well. This is because the potential home buyer may place a bid on house and have it accepted by the seller. However, the short sale contract does not end here because the contract must go through the mortgage company. This process can be as long as three to six months. It takes this long because it must be reviewed by several departments in the mortgage company and is often behind hundreds of other short sales. A San Jose realty company can explain this process thoroughly to a potential home buyer and encourage them to have patience.
Since buying and selling a home has changed drastically over the last five years, it is best to engage an experienced realty company in San Jose. Only experienced realty companies really understand the extensive amount of work that goes into the process of purchasing or selling a short sale home.
San Jose Short Sales Site offers this experience and knowledge to both home buyers and sellers alike.
San Jose Short Sales Site