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A quick Short Sale might be your last option to postpone a planned foreclosure in 2 week; given certian criteria. If you have never submitted a request to postpone a foreclosure, the odds of this request being approved is strong; specially with a solid Short Sale offer. However, if the bank has already postponed your foreclosure date several times, it will be near impossible to prevent this foreclosure.
However, since you need to sell your San Jose home fast, the strategy has to take cash buyers into consideration and meet their expectations. Cash buyers can typically close escrow within 10-14 days. Here are some recommendations that could help:
1) Inspections: Have your Short Sale listing agent order a Home Inspection which in most markets is a $350 investment. This will make your home much more marketable and will alleviate the anxiety some buyers might have about purchasing your San Jose home without an inspection. In California buyers are advised to order their own inspections, but that is an option. In this case, if your inspection report is comprehensive, the buyer might opt to write a an offer with no-inspection contingencies which should save 10 days.
2) No Contingencies: Your agent should market the property to cash buyers only with with recommendation to write AS-IS purchase offers given the fact that you will have an inspection report for them.
3) Pricing: Most critical is the pricing of your San Jose home. Majority of State are experiencing rising home prices, but if you over-price your home, you have just killed any chance of a quick close. In fact, we would advise pricing your home a bit under the local market average to generate more interest.
4) Proof of Funds: Do not accept canned letters stating the person has funds. Ask for liquid proof of funds which could be in the form of recent bank statements or stock trading account where the money can be retrieved in 3-5 days. Also make certain the funds are in the name of the buyer and not anyone else.
5) Choose the Right Real Estate Team: When you are facing a foreclosure in 2 weeks, you have no time for on-the-job-training by an agent who is new to Short Sales. Even Title and Escrow officers will need to be on board to quickly process your transaction and close before the Auction date.
Feel Free to Contact Us if you have any more questions.
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