Are short sales becoming “short”…?
Many real estate agents who specialize in short sales transactions state that short sales are not taking as long and not that shaky like it used to be. Really? It all depends on the lender. Some take their sweet time, some are very quick. Phoenix market is certainly dominated by these transactions-75 percent of distressed home sales are now short sales. In a fact there are the best deals out there. Homes are usually occupied, (versus vacant foreclosures), taking care of, and typically not damaged.
When a short sales goes smoothly and bank is somewhat cooperative, it can be completed under a month.
If it is the opposite, I have seen them going even for 12 months.
However, it is being indicated more often, that short sales actually seem to move a little faster in timing and coordination.
I wish the short sale process was regulated for the entire banking system. A unified code with terms, legality, timing and process harmonization. That would make it easier for all parties involved.
Comments(10)