Subject to short sale or third party approval...You've seen the words but do you really know what you are getting involved with when you're searching the web and see an ad that says subject to short sale approval. This might be something you don't want to miss. When i first started doing short sales for sellers about 8 years ago, I was surprised that this option even existed for homeowners. Now, short sales are dominating the market and offering very good value to buyers if they have the patience to wait.
Short sales are unlike regular real estate home sales for several reasons, the most frustrating one being that there is a third party involved, the sellers bank. As if it wasn't difficult enough to get a buyer and seller to agree on a price that suits them both, with a short sale you need the sellers bank to agree to that price as well. The good news is, most banks are very reasonable about the price and that's a great incentive for the buyer to be willing to wait the extra time they take. More good news too, the average short sale back 8 years ago when I started doing them was taking well over a year to complete, now most short sales that I'm doing are only averaging 3-4 months from start to finish. that's not much longer than a conventional sale these days!
What does all this mean to you as a buyer or a seller, do your research and hire someone who is fluent in short sales, say for instance...me! Don't be fooled by the signs and ads you see for free short sale negotiation, hire someone with a proven track record like myself who understands the process and works with a team of lawyers, town officials and banks to provide unsurpassed service. if you're even thinking about doing a short sale, contact me and we can go over the details and I can answer your questions. It's really a good option for a lot of sellers and helps them get back on track.
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