Short sales, foreclosures: These are the inevitable allies in this market.  And so it is not a surprise that I am now in transaction with a short sale.  Because of the wait, I can just tell that the buyers are already nearing total impatience and borderline surrender.  We are now counting five weeks from the time of bank submission and we hear nothing other than a call promise from the bank's appraiser.  That was a week ago and I have not heard anything yet.  In the meantime, we received another offer from another agent whose Buyer is ready with an all-cash offer.  Great, I thought!  But will they wait for the bank's decision?  And when the bank finally responds, will this be something agreeable to the Buyers?  What about the back-up offer with all cash?  Ordinarily, it is very exciting to have a ton of showings and a couple of offers on a seemingly well-priced property, but the wait is an unknown factor.  I can hardly wait for the outcome of this transaction.  It will be my first foray into short sales.  

 

2 Comments on Short Sale: Are they worth the wait?

HI!

Yes it can take weeks...but often it is because the asset manager is buried.  They might handle 100 or more listings.  Or there might be something missing in the file.  It seems email is often the best way to communicate and to set the stage up front that the process takes time!

good luck!

Jean Groesbeck

www.JeanGroesbeck.com

06/29/2008 08:11 PM by Jean Groesbeck-Windermere Anacortes - La Conner and Anacortes Homes For Sale (Windermere Real Estate/Anacortes Properties)


Rose,

If you haven't already, try and get the email address to the asset manager. They often prefer email and you can save your conversation log for review by your client. It won't make the process any faster, but it will ease the pain of keep your client at bay.

 

 

07/01/2008 12:51 PM by ForeCloseHelp.com


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Real Estate Agent: Rose Linda Gonzales (Dilbeck Realtors GMAC)
Rose Linda Gonzales
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