Yesterday I met with a client who is shopping for 2 homes and showed him a couple. Much of what we are looking at right now of course is a short sale or is bank owned. We have already made an offer on one house that is a short sale and we are waiting for approval of course.....he has waited a week already and no answer. I of course had told him already that it may take a month or even more before we know anything or even have an update.....
Mind you this is a client who I have closed deals in under 72 hours with and who a long closing is usually 21 days for him. So he says....".Short sale, why do they call it a short sale? It does not seem short to me" This strikes me very funny, but also true. I am usually on the other side of the short sale representing the seller and it sure does not seem short (in time) there either.
Since you as a client or Realtor working the Tacoma market are likely looking @ more short sales as well, here is my feed back on them.
The good news is that most banks are putting on more staff to handle the load of short sales needing approval and in many cases what used to take 3 months is taking closer to 3 weeks now. This is good news for those that are waiting for approval. But still it does not seem short in time since only then does the buyer usually do their inspection, appraisal and have their loan underwritten.....Good news the bank very often if you make the offer early enough ( not just days before the foreclosure sale date) usually approves selling the house for much less than is owed on it. ( at least this is good news for the buyer and maybe the seller who can walk away)
So here is what I think these sales accurately should be called.....
Inexpensive, unsure, long sales.
This would be more accurate. Some times the bank approves and some times it does not. ( your odds are increased if there is some one who regularly works with the banks working on your side) Inexpensive since they are usually a good deal ( not always) and long sales for the time you wait for approval.....of course if we are looking at the time that they bank often gives the buyer to close once they have approved the sale, we are back to calling them short sales.
If you would like more information on purchasing or selling a home in our current Greater Tacoma area, please call us we are here to help. Team Momentum, Keller Williams Realty Tacoma, Anna Matsunaga-253 212 1252. You can also visit us on line @ www.teammomentumrealestate.com
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