Short sales are occurring across all price levels on the Monterey Peninsula with the one home in Pebble Beach currently listed for sale at $5,950,000. These transactions can be complex with nearly always a “second” loan and often a third. In these cases the negotiation between the seller and the lenders is often the more challenging and time consuming than the negotiation between the seller and buyer.
As a buyer of a short sale it is imperative that your agent “qualify” the seller to determine the probability of a successfully transaction. By qualify, I mean try and determine the status of the current loans, the willingness of the seller to contribute cash towards the escrow, and if the seller is looking for full settlement language from the second and third lien holders.
Short sales can be frustrating for the buyer, and often for the seller as well, but if you are able to hold on for the weeks and months they often require, you may end up buying a home for a favorable price.
Pebble Beach Homes for Sale that are Short
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