This year short sales is business as usual. Everyone os doing them. It does not take long to gain experience in this phase of the market. How long do you think a buyer should wait for an answer on a short sale. I have been trying to avoid short sales because I have been waiting for weeks of months to get an answer from the lender.
I had one last year, we waited 3 months and never received an answer. The buyer decided to cancel the contract.
How long would you consider an acceptable time limit to allow for an answer from the lender for a short sale?
Here is Wisconsin we have a new form, Addendum SSO that explains what a short sale is and allows the buyer to set a time limit for the lender to reply. There is also a new Amendmend for short sales that should be attached to the listing contract.
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