That is the question, right?
I have got 3 of these accepted by the lenders and have 2 more that are on their way to acceptance. I enjoy them to a point, though they are a lot of hard work. It is a very viable option for our clients that are facing foreclosure.
I've learned to ask ALOT of questions from the lender on the front end to speed the process up (though non of them seem to be going short), usually when i get an offer in on one I play the waiting game on the lender to get back with me (and my weekly phone calls to see how they are doing).
"I am actually waiting on Met Life home loans to take me off hold so i can get a contract to them!"
Anyway, I've heard several people say they have done short sales in a matter of weeks (it takes me a matter of months), anything you can tell me on how to speed the process up would be very appreciated.
Joshua Hagan www.haganteam.com
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Joshua,
I have done two short sales and they were both bad experiences!
Short sales are very popular in Key West at this time. I think as agents, we all need to be able to able to adapt to the market. With that being said, they can take a long time and do not always go as planned. Don't give up Joshua!
I think short sales are well worth it if everyone is in communication and the end result happens for the seller, buyer and the bank.
I think they are the reality of the market. Yes, they take more time, but they could keep you solvent in this economy. No tips for getting them to go faster, though. I think everyone involved - both principals and agents - need to just expect 3 months or so.
~Amy Seaholt
Joshua, I LOVE short sales!!! The length of time really depends on the lender. My best advice is to ALWAYS submit a complete package to the lender even if you have already sent some stuff earlier. My last couple of short sales took less than 60 days from time of listing to closing!!!!
Just keep doing them and learning. The more you do the easier they become.
It has taken us up to NINE months to get them done--- patience, patience, and then more patience. Argh!
Unfortunately each short sale is so different depending on the bank it doesn't matter how prepared you think you are. I am working on one with a smaller bank right now and everything is moving along rather quickly. I would say in the first contact get a list of everything that bank wants and make sure you have everything when sending them the package. Take the time to do a sketch HUD with the basic closing costs on the assumd sales price too.