As usual, one of the most frequently discussed topics at the California Association of Realtors business meetings (held three times a year) is short sales. To bring it down to the local level, I checked our multiple listing service for the total number of active short sale listings we have currently. As of today, we have a total of 112 active residential listings (single family homes, condos and PUDs) for sale in the Santa Maria – Orcutt market area. Of the 112, 17 are short sales, or about 15%.

However, there are currently 177 properties that are currently classified as “Contingent Short Sale,” which means the homeowners and buyers are waiting for the homeowners’ lenders to approve the short sale. That’s a lot of homes in a gray zone! Most of the properties went contingent since the first of the year, so some have been waiting a little over 4 months and still don’t have a clear idea of whether or not there will be an approval.

Short sales are not for the weak, but if the house is just the one you want, it can definitely be worth the wait!

If you have questions about short sales, either as a buyer or seller, please give me a call at (805)937-5777 or send an email.