Short Sales Sound Simple but They Take Time

Short sales sound simple but they take time. I realized that I was assuming that all people understood that a lot of time is involved in the completion of a short sale until this week when I got an offer with a deadline. I looked at the April 8th deadline, got over my shock, and then realized that I never really explained it. I just took it for granted that everyone knew about short sales.

True, it is taking less time, but you definitely don't get an answer over night. If you are lucky, you get an answer in three to four months, but it is worth the savings if you get the property.

However, what has been happening is that after I've gotten a short sale approved, more times than not, the buyer has lost patience and walked. Unfortunately, even if I have another offer for the exact same price and terms for the property, I am forced to start the entire process over again. Can you believe the futility? Can't the banks figure out that they don't have to redo all the paperwork and just look at the back up offer and replace it.

A preapproved price, after negotiations, only means that you start the process of a short sale, and if the terms are the same you can assume that it will be accepted.

Remember, if you see a property that has been on the market for a long time, it does not mean that it is undesirable property. It just means that the buyers disappeared after waiting for so long, and the property has to go into short sale negotiations again.