In my experience I am seeing that even with cash buyers short sales are very hard to close. I had a cash buyer make a full price offer, inspect and wire funds. We waited a month for bank to close. They had to see an update HUD1 and then the right people had to give us the go ahead approval. It closed but I could not understand why the banks could not do it faster.
Our market is constantly changing and one way is short sales. Short sales are when a seller sales for less than the loan balance. Typically these sellers are in distress, but ultimately they could face the real danger of foreclosure. Real Estate Agent all over the country are seeing waves of backwards sellers who need help. Often a Listing agent goes out to a listing appointment with good intents but does not always know the pitfalls that await when an offer is submitted to a loan company.
I just audited the Certified Distress Property Expert Designation. CDPE knows its stuff. I highly recommend that you get this designation. Not only will you get step by step information but you will also understand the power we have in our country, economy and housing market by closing short sales rather than foreclosures. Salem Short Sales and salem real estate is not the only market affected. This is a nationwide epidemic and it will take a very patient and diligent agent.
I also warn buyers of the timelines invloved in Short Sales.
Trevor
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