With the rising number of Pre-foreclosures/foreclosures in New Jersey (and I'm sure around the country), it is almost impossible to escape the words "short sale" these days. Whether you are a homeowner, agent or investor, short sales are definately something to know about.
We have done quite a few, already this year, for clients and have been on both sides of the fence. We are finding that some of the lenders, don't want to accept the fact that the value on a property is not what they think it should be. In our region, prices have declined.
With some lenders, they seem to take so much longer than others. We just went through one short sale that took 12 weeks to get acceptance on. Why so long? They must know their numbers when the file is presented, or at least one would think so.
Any comments from anyone on their short sale experiences would be great! Any tips, tricks, etc.