Home > Blogs > Judy Tuscano > Real Estate in NH with Judy Tuscano

Short Sales are popping up everywhere here in NH

By Judy Tuscano

Real Estate Agent with Prudential Verani Realty

April 21, 2008 07:13 AM

I went out to show homes to a buyer this weekend and while setting up the appointments I found out that one of the three homes I was showing was subject to third party approval ie. a SHORT SALE. This was not noted on the listing information - it was told to me by the Sellers' Agent.

Short Sales are becoming more and more previlent in NH in this declining economic market and means that Buyers should be aware when looking at homes that the standard time period between making an offer and closing which typically takes 6 to 8 weeks may stretch to 3 to 4 months on a property subject to third party approval.

Yes, you may get what seems to be a good price on the home but during the waiting period from contract to actual closing several things may affect your bottom line.

You may see interest rates go up or down. You must continue to pay for a home to live in and if you are selling your home that it is under agreement you may need to rent for a while or go live with relatives while waiting for the third party approval.

Last but by no means least, the bank may not approve the short sale and then you could be out in the cold.

Be sure to take all these things into account before making a final decision and have a Buyers' Agent who knows the territory working on your behalf in a Short Sale to help you understand the process and bring you to a final successful closing.

Judy Tuscano, REALTOR

Team Tuscano

Prudential Verani Realty, Epping, NH

603-498-2263 cell phone

603-693-0919 office direct

jude1220@yahoo.com

Comments(10)

Comment

Show All Comments

Sort:

Pam Joffe

Solaris Realty - Tampa, FL

Judy - You are right that the length of time that it takes to get a short sale approved can cause problems with the buyers interest rate, I will be glad when the short sale numbers start dropping.

Apr 21, 2008 07:22 AM

Esko Kiuru

Bethesda, MD

Judy,

Short sales are very popular today as lenders try to move their repos. The whole process can be agonizingly slow as banks seemingly take their time in approving, or denying, a sale. Moving fast would appear to be in their best interest, but ...?

Apr 21, 2008 07:42 AM

Jerry Murphy, CRS, SRES

Long Realty West Valley - Anthem, AZ

Anthem, Phoenix, and Scottsdale AZ Real Estate

Hi Judy,

Short sales have been in abundance here in the Phoenix, AZ area for the past year or so. They are a pain in the...well, you know what. It seems that you are educated on the process, which is good. Many agents aren't and expect the transaction to move along like a normal transaction, in turn not educating their clients on the process as well. Best of luck.

Apr 21, 2008 07:47 AM

Monika McGillicuddy

Berkshire Hathaway HomeServices Verani Realty - Hampstead, NH

Southern NH & the Seacoast Area

How true...they are every where! I showed 2 myself this weekend.

Apr 21, 2008 08:04 AM

Hey Judy ...You have internet up there on the lake yet? Wireless?

Apr 22, 2008 01:46 AM

Judy Tuscano

Prudential Verani Realty - Nottingham, NH

NH Real Estate Professional

Pam - So right and there is no guarantee that the bank will finally approve the sale.

Esko - Moving more quickly certainly seems like the way the banks should go but sometimes I wonder about the common sense of some of the decision makers.

Jerry - I think it is a definitive sign of the times since our industries have been shipped overseas and we transition from a national marketplace to a global marketplace.

Monika - I'm seeing more every day.

Moni - We are now wireless at the lake therefore I can spend more time here in the rain again.

Apr 22, 2008 01:46 PM

Katherine Anderson

Coldwell Banker Hobin Realty, LLC - Hampton & Rye, NH, USA - Exeter, NH

Managing Broker

Judy: I think it's deceptive for listing agents not to disclose this in the MLS. It's even under coded features and can easily be checked off, so why not tell people? Buyers have a right to know and so do their agents. Are you having to ask the agents before scheduling showings?

Apr 23, 2008 01:53 AM

Katherine - I don't think the agent was being deceptive. She had just posted a price reduction and perhaps this put the property into a short sale position and she failed to change the comments to reflect? Not sure but I'd rather give the benefit of a doubt. Thanks for commenting and we all need to be vigalent regarding these situations especially when we represent the buyer.

Apr 23, 2008 08:35 AM

Todd Clark - Retired

eXp Realty LLC - Tigard, OR

Principle Broker Oregon

I don't think these banks consider any of that when they take so long to accept or decline a short sale and I also don't think they realize how much the public is beginning to despise them! I wrote a post about this early today and the potential of lawsuits. Should be interesting to see what happens in the future.

May 06, 2008 05:59 PM

Todd - I think that the banks need people that work with these situations so they can get a gauge on how much better this works in their favor in the long run.

May 07, 2008 12:16 PM

Short Sales are popping up everywhere here in NH

Comments(10)

Judy Tuscano

Recent Posts

Additional Information