Short sales are common these days. Santa Maria has 255
active short sale listings,
Lompoc lists 72 short sales on the market,
Nipomo has 14, and Arroyo Grande also has 14 active short sales. The difficult part is obtaining “lender approval” which adds delays to the process. Because approvals attach to a specific buyer, it is vital to find a committed buyer for your short sale. Often lenders require the process to start over if the buyer abandons their offer. This can draw out the process even further. But it is important to note that short sale transactions are closing all over the Central Coast. In the month of December, 18 short sales closed in Santa Maria (
2 of these were
my listings), 2 in Lompoc, 2 in Nipomo, and 1 in Arroyo Grande.
