The bank does not get in a hurry. They have hundreds that they are working on. Yours is just on in a file.
You need to condition your buyer to be in for a long, slow ride. I work with short sales all of the time and rarely see a deal mimic a conventional deal. Apparently, from your blog, the seller never contacted the bank and asked for the possibility of a short sale. If he waited till your offer to do that, the bank still has to deal with the seller before they will consider dealing with you. Short sales work, but you need to prepare you buyer to be patient.
Todd Jones, Realtor - Selling Scranton, Clarks Summit Real Estate
If yours is the first offer it will take longer than if they have already considered and rejected one
If the seller is only a few months behind, it will take longer than if the forclosure process has begun.
If the listing agent is not experienced with short sales.it will take longer than it will for an experienced agent.
Not a clear cut answer I know, but the best I can do. Each one I have worked on has been different than the others. If your client needs a home soon then you should advise against a short sale.
There is a recent featured post that you should read for more insight
Comments(7)