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You have found a really great house. It is in move in condition, and priced very competitively. Ooops, it's a short sale--should you show it? Can you recommend it to your buyers? Barb Fischer tells it like it is. Thanks Barb
Today's generation of homebuyers are far more educated than ever before-- yet with all the information out there, I still get asked this question over and over: How long will a short sale really take? Hidden behind that question is an unspoken concern-- is it worth the wait?, and, should we wait, knowing that it may never come to fruition?
Every agent wishes they could give every buyer and seller a firm, complete answer. When we say we really don't know, and that it depends on the bank, the investors, the time of year, the government, etc... that's all very true.
I've written dozens of emails explaining and re-explaining the general process, so I'll sum up the key concerns here.
1. How long will it really take? Right now, I don't know exactly how long your short sale will take. Anyone who tells you anything different is not telling the truth. There are so many people and so many factors involved, so it will be a lengthy process. Even if it was previously approved, the bank will need to re-approve it, with the new buyer. There will be a chance that the short sale will be denied for a variety of reasons, and the house may go into foreclosure. Then the good news for you is that you will have a second change to purchase it.
P.S. Don't try to make sense of the process. It's totally illogical to anyone with basic math or economics knowledge why the banks make such a lenghty mess of what could be a streamlined process. Just know that it is what it is.
2. Is it worth the wait? I That depends on how much you like it and how flexible you are with your moving timetable. Interest rates will rise and fall during your wait, as will appraised values. Your personal situation may change as well. Homebuying is usually an emotional process, but I would advise you stay a little more detatched. You can hope and pray and wish, and be practical at the same time.
3. Should we look at other homes while we are waiting? Most buyers, especially those who have suffered through a failed short sale, want to have a Plan B in order. Once their offer is accepted by the seller, they wait a few weeks, then want to check out a few more homes. You certainly have the right to do that. Remain aware that should your second offer be accepted, then at some point in time you will need to commit to one or the other. Your 17-day contingency period will expire on one of these homes, so it will be time to decide, and if the one you really want doesn't have short sale approval yet, that decision will be a tough one.
The bottom line is-- you will find the right house. Many short sales do close escrow-- the wait can be long, but if it's a home you really like, it's well worth the wait.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.