Santa Maria Short Sale Alert: Contingent Short Sales?

Santa Maria Short Sale Alert:  What is a Contingent Short Sale?

       

Contingent short sales are all over the Santa Maria market.  Santa Maria home buyers are always asking me about them.  They linger on the market.  Often the seller is requesting no more showings.  But why?  With so many buyers looking for homes and condos in Santa Maria, why do these properties linger on the market?  The answer is of course bank delay.  Listings are marked “contingent short sale” after the seller has accepted an offer and has submitted their short sale package to the bank.  The contingency period is the time period the bank takes to approve the short sale.  So, the fact that a property remains a contingent short sale for a long period usually has to do with bank delay.  This can frustrate buyers as there often is often a large pool of contingent short sales on the market.   Currently, there are 143 contingent short sales in the Santa Maria home and condo market, and 290 active listings.

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*Based on the information from Central Coast Regional MLS. Neither the Association, the Multiple Listing Service, or Mint Properties guarantees or is in any way responsible for its accuracy. Data maintained by the Association or its MLS may not reflect all real estate activity in the market.

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