Hang in there when a short sale takes a long time

Real Estate Agent with Sundance Realty

Short sales can be very challenging to not only the buyers patience, but the agents and sellers as well. I believe you have to go in with the mind set that extra communication is needed every step of the way.  Communication with the bank, the seller and the buyer's agent.  Everyone needs to stay in the loop of what is happening.  The listing agent needs to go the extra mile at communicating with the bank and giving them everything they require before they require it.  This will help ensure a successful transaction.  Right now I am waiting for approval from B of A for a short sale in Salem.  We had a different buyer right up to the bank's counter offer just  about a month ago. The buyer didn't like the awesome price the bank came back with.  So the house went back on the market.  We did a price reduction to the price I was told the bank would probably take and got  two showings and an offer within a couple of days.  We sped through things this time because we had just been through it so all the documentation was ready to go.  I must say that the negotiator has been awesome with his communication.  He responds to me every time I inquire on the status and has been most helpful.  Communication is the key.  Stay in touch with the negotiator and get everything to the bank in a timely manner.  Make sure all involved know it will take longer than a traditional transaction so people don't grow impatient. So if you are buying a short sale or selling a short sale, hang in there and don't lose heart!  It just takes patience and extra time.  And most of the time it is well worth the wait.

Comments (2)

Steve Ewing - Keller Williams Realty
Keller Williams - Stockton, CA

Joni - Short sales can be long on frustration.  That that is just the nature of the beast.  There are the ones that go along smoothly and then there are the ones that go along on square wheels.  I agree with you whole heartily that communications is the key.  Thanks for the post.

May 04, 2011 12:50 PM
Rosi Green
AmeriTitle - Silverton, OR

Great post Joni and so true all around.  Educating the buyers and sellers of this type of transaction - being completely up front will help everybody.  Keep up the GREAT work Joni ~ we've always witnessed you doing just this for your clients. 

May 11, 2011 05:03 AM