Short Sales Can take a Looooong Time

Short Sale Approval can take a long time. There are certain situations that a home seller has to be in, in order to even qualify for a short sale. And it's been said that Banks Do Not Want to Foreclose because the process is timely and Expensive. So Short Sales are a viable option for anyone seeking a solution other than foreclosure.

Short sales are usually priced below market value because the properties need to sell, FAST. Short sales are usually in better condition than foreclosed properties since they are usually still occupied at the time of sale so the appliances and utilities are still in use.

I have a short sale listing that instantly had multiple interested parties. After going through the offers, the seller chose the highest and best offer, which was way above list price. Sounds great so far, yes?

Up to that point, short sales are easy. It's the part in dealing with the banks and mitigators that can be tough. The bank mitigators duties are totally out of Real Estate Agents' hands. Sometimes they say it'll take two weeks for a reply and they do not get back for 4 weeks. When buyers are dealing with short sales, it's crucial that they are prepared for this type of wait. If they are prepped for this, the wait won't seem so bad. Short sales are not your typical real estate transaction, that's for sure!

The lesson here is for short sale buyers to be prepared to wait because most times, the wait is worth it!

If you are having a tough time paying your mortgage, it's important to seek help right away, whether it be through a loan modification or short sale, don't hesitate to call Vanna with your questions.... 907-720-4663