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Different kind of short sale

Not all short sales are heading into foreclosure status

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Different kind of short sale

This home at 1670 Gathering Lane is an example of a short sale where the buyer isn't in financial distress in terms of not being able to make the payment, has the lenders all lined up to deal, plus...

HIME ROMERO/The Bulletin


POSTED March 5, 2011 3:18 a.m.
Short sales - and not bank foreclosures - is where the largest chunk of the action is today in the Manteca housing market.

They constitute the biggest segment of available listings followed by owner occupied and then bank owned properties.

More and more banks have become engaged in the short sale process where it can take less than six weeks to close a deal if everyone has their ducks in a row on both sides of the contract.

No longer is the norm spending four to five months to see if a deal is acceptable although that can still happen occasionally.

There is also a new twist in short sales. Sellers who bought new homes in the past three years and invested in upgrades and other improvements only to find a job promotion with better pay is prompting a move out of the area.

It offers a chance for buyers to get a solid bargain that arguably wraps all of the advantages of buying new with the more competitive foreclosure like pricing plus upgrades.

An example is Cindy Smith of Century 21 M&M Associates’ listing at 1670 Gathering Lane in southwest Manteca that is being showcased today in an open house from 11:30 a.m. to 2 p.m.

The four bedroom three bathroom home with 2,265 square feet was built in 2007 and bought new by the owner.

They had numerous upgrades installed ranging from additional built-in cabinetry to premium carpeting and padding.

The listing price is $221,000.

The sellers aren’t distressed. They just need to sell the house.  The newness of the construction - 2007 - means all buyers in the neighborhood had solid loans. That is why you won’t find a single foreclosure for blocks in any direction. That fact is reflected in well-kept yards and such - a rarity on most neighborhoods today due to foreclosures.

New homes are also being built nearby plus it is in a strong location with nearby freeway access, shopping, and recreation.

The home features a bathroom and bedroom downstairs.

It has a semi-open living room floor plan with a formal front room and a family area that nicely flows together instead of being just a big open box.

A built in cabinet under one window and shelving with TV cabinet on one entire wall gives the room a distinctive look.

There are added touches throughout such as window blinds that go down or up partially from the mid-point of the window.

For more information call Smith at 239-9700.
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