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Short Sales Take A Long Time!

While we may think, in a declining market, that moving inventory is a great idea, and short sales would be one way to achieve this---has anyone noticed how long they take? Who has some tips to making short sales short?

Posted by Genie Heroux on 05/03/2008 07:09 PM

Comments (16)

16 Comments on Short Sales Take A Long Time!

MAY

2008

All I can say is that every one I have tried to be involved in has been so very frustrating that I don't even want to be involved with them any more.

Let's rename them "tough short sales that take a long time"

Welcome! I have found my borrowers drop off quick because they are not interested in sticking it out for several months. The problem is with the bank and their ever changing staff. You would think they would get it together!lemon

Genie- We love short sales. Join the short sale groups here on the rain. I write a short sale series and have about 12 posts so far on making short sales work. We close 100% of our short sale listings. We qualify our sellers very well before taking a listing, our listings are in excellent showing condition and we do not give up. Yes, some take as short as 4 weeks and others as long as 90 days to 120 days. But if you think back to the 1980's, no cells, no fax, no email. We had to send everything in snail mail to lenders; you never closed a deal that had financing in less than 45 days, most often it was 60 to 90 days! Moving short sale inventory is a great way to aid the housing economy. It is a win win for lender, buyer, seller, agent, new lender and the economy.

Genie.. There is no way to make a short sale *short*. You need a GOOD attorney, that knows how to work with banks. They need to make sure that the seller has all the paperwork to him/her. Once an offer comes in, everything is submitted to the bank. The bank takes at least *25* days to review it all. Why the banks take so long, I have no idea.

I am always encouraged when a listing advertises that a short sale has already been approved by the lender > cuts down on the time and brain damage. Listing agents take note!

Some pointers for success with Short Sales..........Practice, Practice, Practice !

Hello Genie,

Welcome to Active Rain and congrats on your first post! The opportunities to learn and network are incredible here. Best of luck to ya!

-Keith

Welcome to AR, Genie. You'll have to click on Nestor & Karerina's link to their blog. They've got some amazing posts to share!

Welcome to Active Rain. Make sure to check out other blogs so you can see what works and what does not.

MAY

2008

Welcome to Active Rain. Short sales are good to get a hesitant buyer to practice making offers with. (Especially when the seller has not been approved for a short sale yet.) The second one is always easier. Unless the house in the short sale if very special it is not a serious purchase candidate for many buyers unless they accept a lowball and the buyer hasn't found something else in the mean time - which is very likely.

Welcome to the Rain, make sure that you browse the site and become familiar with everything this site has to offer. The more you browse the more you will learn. I have found this site to be really helpful to me. If you have any questions, please don't hesitate to email me, I will do whatever I can to help.

http://www.doreneshirley.com/

Welcome to Active Rain! For some tips on how to get started here, check out my blog entry at ActiveRain Fast-Start Tips for Quick and Easy Points

Happy blogging and good luck!

MAY

2008

I just stopped by to welcome you to Active Rain. I hope that you find it a great benefit to your business and that you see the value that I have also found here. I am from Charlottesville Virginia and using Active Rain has really increased my business!

My main blog on Active Rain is here: Charlottesville Real Estate Blog, not the link at the bottom of this post.

I hope you will look into the many groups as there are some great group both local and broad based,....

enjoy!

I see that you are new to Active Rain and I just wanted to welcome you.

I hope that you enjoy it as much as I do and that you find it a great resource.

MAY

2008

Wow--I have been reading everyone's welcoming and informative comments/responses/suggestions over these last few days. Thank you all for your interest, and for your support!!! While I have been on ActiveRain over the past year "just looking" I am pleased to be a member and interacting with so many professionals from everywhere!!! You all have such diversified experience, perspectives and expertise. I can see I have much to gain from participating in AR and hopefully plenty of anectotal and experiential news to share with you all, too. www.caperealestategenie.com

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