In the last couple of weeks I have closed two short sales representing Buyers that took over 9 months to complete!
What's Short About That!!
When the term is loosely thrown around, it's not because the escrow or process is short, it's because the bank is approving a short payoff. What I suspect is truly slowing the process, is the method used by the negotiators working the file. Often Listing Agents, Short Sale Processors etc. call weekly on a given day to check on the status of your transaction. For example, if you need to send an updated bank statement you fax it to the bank and the following week the processor checks to see if it was received. If not, you send it again, wait another week and check status. You can lose up to 2 to 3 weeks just making sure the documents are received!
My business runs differently. I personally maintain my own files, negotiate with the banks and keep all parties in the loop. Not only does it keep the Buyer in contract but speeds up each part of the process. This creates happy Sellers, happy Buyers and I get to keep my sanity.
There is no advantage to a Buyer who decides to let the Listing agent represent them. It's doesn't make the tranaction go faster, the Buyer doesn't get a better deal and it doesn't necessarily mean you will be better informed.
What I recommend is consumers work with a Certified Distressed Property Expert (CDPE) whose skill sets will expedite the transaction. Realtors, who hold this credential are trained negotiators and often times process their own files.
Caveat Emptier, beware of who is processing the file and don't be afraid to ask your listing agent if they will be personally handling the transaction. In most cases if they are, you can be assured it would be the most efficient way possible to speed up the process.
Wishing you a "Short" sale.
For more information feel free to visit my website at www.AvailableREOs.com.
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