Have you been in this situation lately? Mr. and Mrs. Buyer this listing is a short sale. The little research I did on the property tells me that the home has 2 loans on the property the first with Bank of America and the second with Ocwen. I can tell you from experience Bank of America takes many months to complete a short sale sometimes up to 6 or 7. What is your time frame? can you wait this long?
The buyers emphatically insist they can wait as long as they need to for the home, it is everything they want. Of course you know this that is why you took the time to bring them by the home. You tell them every possible outcome of the short sale and even go as far as to explain to them.
You write the offer, the seller signs it and off to the short sale loss mititgator it goes!
a week goes by...the buyer's are on board and are ok with no response
two weeks goes by ....the buyer's find it troublesome that the bank has not returned a call or confirmed receipt of the offer, but hold on remembering what you said.
A month goes by...."ok this is getting crazy...really? no response! Nothing you say
2 months go by...."we want the house, we are going to wait"
Month 3...."I really didn't think it would take this long and we still don't have an answer" You tell them that the banks are overwhelmed but once they approve the short sale .....it is a very quick process
Month 4 ..."let's look at something else, I do not want to wait any longer"
We as agents understand this process and we do our very best to inform our buyer's of the issues regarding short sales. What continues to boggle the brain, is why can the lenders not move a little faster. The market continues to trickle down or flatten out, the banks should liquidate quickly and put good money towards better investments. This surely would move the real estate market, provide capital to invest in other areas and generally improve the economic issues that plague our country.
Comments(5)