Five Month Count Down-A Short Sale Success Story

Seems that a Short Sale can feel like an eternity. It has become an oxymoron, much like Jumbo Shrimp. One begins to ask oneself, "Since when is a short sale actually short? Luckily, although my most recent short sale was not short in length, it was indeed a success. Yesterday morning I had the distinct privilege of putting a set of keys in the hands of brand new home owners. Our search together began in July, however, their search for a home began several months earlier. They were referred to me because my colleague felt that he would not have the time to stick it out with them since he is in Real Estate part time.

So began our journey together. Throughout our time together, we really got to know each other. There were offers placed and bids lost but we persevered. One of the key factors in a successful short sale is getting to know your clients and deciphering whether they truly have the ability to stick it out for the duration of a short sale. These folks had it and I knew it. We originally lost the bid on this home to a higher offer. But as it turns out these buyers became impatient and backed out.

We received this news on the very day that we also found out that the bank refused to accept a short sale on a home that we were in escrow on. Looking back, it doesn't seem like it was such a long process when you consider that this is the home that this family plans to create a lifetime of memories in.

If You are A Buyer Looking At Short Sales, Remember:

1. It can be a lengthy process, so hang in there.

2. Communication with your Realtor is key, so be sure that you have a Realtor who has good communication patterns with you and other professionals.

3. Make sure that your Realtor carefully examines the home comparables and stays abreast of the area sales.

4. Make sure that your Realtor understands and can expalin the short sale process to you.