Short Sale Buyers Closed on Antelope Home With Free Equity
The short sale buyers who purchased my seller’s home in Antelope really lucked out on a terrific deal in several ways. As the top Sacramento short sale agent, of course I represented the sellers. The buyers were represented by someone else. We went on the market at the end of March, yet it took us 3 weeks to get an offer for this short sale. Even in a limited inventory market, there were still other homes in Antelope to buy that could close right away, so many buyers passed by this gem. Few want to look at short sales when there is an abundance of regular homes for sale.
Sitting quietly by itself in Antelope Trails among many grander and larger homes, this home seemed larger than it is. And it is larger. The strange thing about this home’s square footage actually affects many other homes in newer subdivisions. Not just in Antelope, mind you, but I have encountered this particular situation in homes in West Sacramento, homes in Lincoln, including homes in Elk Grove. The square footage can often be published incorrectly in the public records because builders made final changes to the floor plans without updating their own records.
This happens because maybe a builder offered a design plan that included a three-car garage but the buyers chose a two-car garage so they could utilize the extra interior space for an office. Or the plan called for soaring cathedral ceilings, and the buyers chose a master-suite retreat option that enclosed some of that space. Enclosing space on the second floor can also add square footage to a home. It’s an inexpensive option.
You might think: what is 300 square feet? These short sale buyers will find out when it comes time to sell. A simple way to figure the square footage benefit is if certain homes in Antelope, say, sell at $160 a square foot, an additional 300 square feet could mean another $48,000 in equity. The short sale buyers didn’t think about that when they trespassed on this property, poking around, peeking in the windows and then claiming the sellers had removed fixtures. You hear a lot of horror stories about short sales, but like I informed their agent, I don’t work with sellers like that. My sellers clean up their homes the best they can and are responsible people.
The short sale buyers who bought this home gained an extra 300 square feet or so on top of receiving a slight discount on price due to the waiting period. Free equity. With two loans, it can take 90 days to get short sale approval. These buyers also had a home to sell, but since most banks will not accept a contingent offer, I suggested that the buyers keep the sale of their existing home, if at all possible, out of the short sale offer.
Lots of moving parts and trust on both sides go into making short sale buyers close escrow. At least these guys didn’t mess up their credit report while they waited, like other short sale buyers I won’t mention.