Short Sales Can take a Looooong Time

Short Sale Approval can take a long time. After a short sale home has an accepted offer, the listing real estate agent submits a shortsale packet, complete with the the application, a hardship letter, paystubs, w-2's, income tax statements, and possibly other items, depending on the situation. Short sale offers are submitted to loan mitigators, who are usually in charge of over 300 files. These shortsale mitigators will look through the files and if there is ANYTHING missing, expect that file to be put at the bottom of the stack. It's important that Short Sale Agents understand the importance of getting each and every piece of paperwork to the mitigator at the same time!

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, right?

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 it takes them 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. If not, it might be a good idea to move on to the next property. Short sales are not your typical real estate transaction, that's for sure!

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