Short sales close at different rates, times and require patience.
Who said Short Sales were named after the time frame it takes to close them with the lender? Many buyers simply get frustrated with the process and blow off the lender who is taking their sweet time to get the process done.
Sellers who are in the short sale process have to know this isn't always a slam dunk. Lenders can be very difficult to deal with because of backlog of foreclosures and delinquent past due files. They also have their own forms, processing methods and personalities involved.
Buyers think these deals should go just a quickly as normal sales...Short Sales are anything but normal.
I have had more than one agent tell me after their first short sale that was the last one they will do.
As a HUD broker, I also do Foreclosures and Short Sales. My experiences have helped both buyers and sellers meet the expectations of the Short Sale process with open eyes.
Both the seller and the buyer in this Short Sale were willing to stay the course. The seller was actively involved to save their credit. The buyer wanted a great deal....and loved the property.
Getting deals because of a short sale isn't a slam dunk...in most cases the property is in better condition because it is occupied by an owner. The seller didn't intend for their home to go into foreclosure or a short sale option.
How long has your Short Sales taken to close?
Gary L White, Flexit Realty Call 616-784-2360 www.FlexitRealty.com