Are Short Sales Working?

By
Real Estate Agent with Touchstone Realty

Are short sales working?  My partner and I Andrew Johnson have processed probably over a dozen short sales within the last year.  What I tell customers/clients during this process as you breathe on both the buying and selling side. What seems to be happening to somebody who thinks they have found this really great deal, they offer on it expect the bank to get them an answer back very quickly. Only be only to be disappointed. What is happening is they go three four weeks down the road expect to get an answer from the bank.  When you look at these big banks like Bank of America and Wells Fargo what they are doing is an injustice to both the American people and themselves by not getting an answer in a timely fashion.  People need to understand that this is not a short process even though it says short sale, the only thing short about it is your nerves as you start to get frustrated by not getting answer. So if you do decide to look at a short sale, and believe me you can get a great deal on it, just be prepared to be in it for the long haul it could take six months, a year time or never. Just realize that it's not a short process even though it's called a short sale.

Comments (2)

Norm Werner
Real Estate One - Milford, MI
Helping the first time and every time

On the other side of the short sale deal are homeowners who are duped into thinking that doing a short sale is somehow better for them and their credit than a foreclosure. What all too many find out later is that most banks are still reporting the short sales in about the same way as they report a foreclosure and with about the same credit impact on the ex-homeowner.

This is an American tragedy playing itself out and we are only in act one.

Jan 27, 2010 12:12 AM
Katie Evans
Keller Williams - Greenville, NC

BOA is the WORST!!!!!!!!!!!!!!!

Jan 27, 2010 12:24 AM